It lost $1.3 billion last week
Data revealed today, Thursday, that the net foreign exchange reserves in the Turkish Central Bank fell to a new record low in the week ending in the second of June to “-5.7 billion dollars”, the lowest level ever recorded, while the authorities seek to meet Demand for foreign exchange and the stabilization of the exchange rate of the lira.
The net reserves of the Turkish Central Bank fell by about $1.3 billion last week, to the lowest level recorded since the data began to be published in 2002.
Net reserves have fallen by more than $33 billion since the end of 2022, and turned negative last month for the first time since the first five weeks of 2002, with foreign exchange demand rising at record rates during the election period, according to Reuters.
Central bank foreign exchange reserves have declined in the past few years due to costly market interventions and other efforts to cool demand for foreign exchange.
The demand for the dollar in Turkey rose to record levels in the past month, with companies and individuals expecting that the lira will fall in the wake of the presidential and parliamentary elections, and it had declined by 44% in 2021 and by 30% in 2022.
The Turkish currency has lost about 20% of its value this year, and its decline increased this week, in what dealers said is an indication that Ankara is moving from state control to a freely circulated currency, and the lira touched a record low level today, Thursday, to record 23.3965 pounds to the dollar.
2023-06-08 12:41:00
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