Decline in Central Bank of the Republic of Turkey Gross Reserves
While a decrease was recorded in the CBRT's gross and net reserves in the week of May 15, a large drop was also observed in Turkey's holdings of US Treasuries.
The Central Bank of the Republic of Turkey's gross reserves fell to $168.6 billion in the week of May 15, while declines were also experienced in net reserves and net reserves excluding swaps.
Decline in Gross Reserves
According to data from the Central Bank of the Republic of Turkey, gross reserves fell to $168.6 billion in the week of May 15, dropping back below the $170 billion mark. In the previous week, gross reserves stood at $171.5 billion.
Net and Ex-Swap Reserves
Net reserves declined from $55 billion to $52.1 billion during the same period. A deterioration was also seen in net reserves excluding swaps, with a decrease from $39.2 billion to $37.2 billion.
Sales of US Treasury Bonds
According to calculations based on US Treasury Department data, Turkey disposed of the majority of its US Treasury holdings in March in order to support the lira. The amount of bonds, which was $16 billion in February, dropped to $1.8 billion as of the end of March.