© Reuters. The emblem of the Central Bank of Turkey at the entrance to the bank’s headquarters in Ankara. Photo from Reuters archive
ISTANBUL (Reuters) – Turkey’s central bank showed on Monday that its net foreign exchange reserves rose to $9.19 billion in the week ending June 23, its largest weekly increase ever, after it stopped using reserves to support the lira.
The central bank’s net reserves fell to -5.7 billion dollars in the week ending June 2, the lowest level since the data began being published in 2002, as the authorities sought to counter demand for foreign currency and stabilize the lira’s exchange rate ahead of elections.
The central bank’s foreign exchange reserves have declined in the past years due to heavy market intervention and other efforts to cool demand for foreign currency.
Demand for gold in Turkey rose to record levels last month on expectations from companies and individuals that the lira, which lost 44 percent of its value in 2021 and 30 percent in 2022, will decline after the elections.
They are down about 28 percent so far this year.
(Prepared by Muhammad Ali Farag for the Arabic Bulletin – Edited by Ali Khafaji)
2023-07-03 14:03:00
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