ISTANBUL: The Turkish central bank's net international reserves fell to $11.13 billion as of Jan. 22, from $11.42 billion a week earlier, data showed on Thursday, hitting the lowest level since at least 2003.

The exchange rate used by Reuters on Thursday was 7.3836 compared to 7.3885 the previous week.

The reserves eroded last year as state banks sold off an estimated $130 billion to stabilise the ailing lira, which still 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 $41.767 billion as of Wednesday, meaning the reserves are in deeply negative territory once the swaps are deducted.