ISTANBUL: The Turkish central bank's net international reserves rose to $14.02 billion as of Feb. 5 from $13.77 billion a week earlier, data showed on Thursday.

The exchange rate used by Reuters on Thursday was 7.1324 compared to 7.3723 the previous week.

The reserves fell 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 $40.614 billion as of Wednesday, meaning the reserves are in deeply negative territory once the swaps are deducted.