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ANKARA: The Turkiye central bank’s total reserves rose around $1 billion last week to a record of some $142.5 billion, four bankers’ calculations showed on Tuesday, continuing to climb since it adopted more orthodox monetary policy after May elections.
The central bank has raised interest rates by 3,150 basis points since June, when President Tayyip Erdogan appointed former Wall Street banker Hafize Gaye Erkan as its governor.
Turkish central bank’s net international reserves rise to $16.28bn
It has hiked its policy rate by 500 points in each of the last three months.
The central bank did not comment on the reserves figures.
The official data for the week to Dec. 15 will be released on Thursday.