Data from the Turkish Central Bank showed, on 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 net reserves of the central bank fell to -5.7 billion dollars in the week ending in the second of June, the lowest level since the data began to be published in 2002, while the authorities were seeking to meet the demand for foreign currencies and stabilize the exchange rate of the lira before the 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.
The demand for the dollar in Turkey rose to record levels last month, due to the 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 by about 28% since the beginning of the year. (Reuters)
2023-07-03 16:55:36
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