ANKARA: The Turkish central bank's net international reserves fell to $13.54 billion as of Jan. 1, from $15.53 billion a week earlier and touching the lowest in nearly two decades, data showed on Thursday.

The current level is the lowest since 2003, according to bankers. The exchange rate used by Reuters on Thursday was 7.4194 compared to 7.6190 the previous week.

The reserves have been diminished over the last year as state banks sold off an estimated $130 billion to stabilise the ailing lira, which lost 20% of its value in 2020. Net forex reserves were around $41 billion at the end of 2019.

Analysts say the central bank used swaps with local banks to prop up its forex reserves. Data showed the bank had outstanding swap transactions worth a total of $43.68 billion as of Wednesday, meaning the reserves are in deeply negative territory once the swaps are deducted.