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Turkish central bank’s reserves soar to record $143.6B

A view of US dollars and gold bars. (AA Photo)
By Anadolu Agency
June 6, 2024

According to weekly figures released on Thursday, the Turkish central bank’s official reserve assets surged to $143.6 billion as of May 31, marking their highest level since Dec. 22, 2023.

The bank’s international reserves and foreign currency liquidity report indicated that gross reserves climbed from $142.2 billion in the previous week.

Convertible foreign currency reserves, denominated in foreign currencies, witnessed a notable increase of $1.14 billion from the previous week, reaching $83.9 billion by the end of last week.

Surge in gold reserves

Additionally, the bank’s gold reserves, including gold deposits and, if applicable, gold-swapped, rose by $264 million from May 24 to $59.74 billion on May 31.

Finance Minister Mehmet Simsek commenting on the figures, highlighted that Türkiye’s net reserves, excluding swaps, turned positive for the first time since March 2020, with a growth of $67 billion in the last two months.

Our resilience to external shocks is strengthening. Our reserves and macro-financial stability are bolstering.

Finance Minister Mehmet Simsek

To further augment reserves, the government is committed to achieving a sustainable current account deficit through initiatives such as green transformation, energy efficiency, new industrial policies, and measures aimed at boosting direct foreign investments and enhancing access to capital-like external resources.

By Anadolu Agency Last Updated:  Jun 7, 2024 11:10 AM