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The Central Bank of the Republic of Türkiye (TCMB) saw its total reserves increase by $3 billion to $161.1 billion in the week ending Nov. 6, largely driven by rising gold prices and a reversal in foreign outflows, which eased pressure on the country’s reserves.
Gross foreign exchange reserves accounted for $933 million of the increase, climbing to $57 billion from $56.1 billion a week earlier. Gold holdings provided a larger boost, adding $2 billion to reach $104 billion, up from $102 billion on Oct. 30.
The improvement also extended to the central bank's net reserve position. Net reserves rose by $3.2 billion to $41.2 billion, while net reserves excluding swaps recovered by $4.3 billion to $28.6 billion.
Foreign investors also returned to Turkish financial markets, purchasing $367.2 million in equities and $36.9 million in government domestic debt securities last week.
The equity purchases ended a five-week selling streak, while renewed buying of government bonds broke three consecutive weeks of foreign outflows.
However, they sold $143.1 million in private sector securities.
Meanwhile, total deposits across Türkiye's banking sector fell by 0.5% to ₺33.9 trillion ($674.8 billion) in the week ending Nov. 6, down from ₺34.1 trillion.
Turkish lira deposits held by domestic residents declined by 1.9% to ₺18.5 trillion, while their foreign currency deposits increased by 1.9% to ₺11.3 trillion.
Total foreign currency deposits across the banking sector stood at $264.7 billion, of which $227.1 billion belonged to domestic residents.
After adjusting for exchange-rate parity effects, foreign currency deposits held by domestic residents increased by $1.5 billion as of Nov. 6.
Consumer loans across the banking sector also edged down, falling by 0.4% to ₺7.0 trillion over the week.
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