It records the largest weekly increase ever after stopping support for the lira
Istanbul – Reuters
Posted on: July 03, 2023: 06:15 PM GST Last updated: July 03, 2023: 06:36 PM GST
Data from the Turkish Central Bank showed today, Monday, that its net foreign exchange reserves rose to $9.19 billion in the week ending June 23, in its largest weekly increase ever, after stopping 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 data began being published in 2002, as the authorities sought to counter demand for foreign currencies 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 dollars in Turkey rose to record levels last month on expectations of companies and individuals that the lira, which lost 44% of its value in 2021 and 30% in 2022, will decline after the elections.
The Turkish currency has fallen about 28% so far this year.
2023-07-03 14:15:00
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