ANKARA: The Turkish central bank’s net and gross foreign reserves fell by more than $3 billion last week, five bankers said on Tuesday, reversing course after a steady rise that had been driven by the bank’s decision to stop intervening in the forex market.
The bankers’ calculations, based on central bank indicators, show net reserves declined to $20.5 billion as of Sept. 29, while its gross reserves fell to around $122.2 billion in the same period.
Turkish central bank’s net international reserves rise to $16.15bn
The previous week, through Sept. 22, the central bank’s net international reserves surged to $24.03 billion, hitting their highest level since February.
The central bank declined to comment.
It will announce official reserves data for the week to Sept. 29 on Thursday.