ISTANBUL: The Turkish central bank's net international reserves rose to $11.964 billion as of April 30, data showed on Thursday.

A week earlier the reserves - which have become the focus of the political opposition's criticism in recent weeks - stood at $11.224 billion.

The exchange rate used by Reuters on Thursday was 8.1753 compared to 8.2694 the previous week.

The reserves plunged last year as state banks sold off $128 billion to stabilise the 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 in 2019 and 2020 to prop up its forex reserves. The unorthodox policy spooked foreign investors and raised the risk of a balance of payments crisis.

Data showed the bank's outstanding swap transactions stood at $42.294 billion by Wednesday. The reserves are in deeply negative territory once the swaps are deducted.