Period of Increase Begins in Central Bank Reserves
In the week of October 9, a significant recovery was recorded in the gross and net foreign exchange reserves of the Central Bank of the Republic of Turkey.
According to data released by the Central Bank of the Republic of Turkey, the recent downward trend in reserves came to an end as of the week of October 9, with significant increases experienced in both gross and net reserves.
An Increase of $4.2 Billion in Gross Reserves
The downward momentum observed in reserves for some time gave way to an increase in the week of October 9. According to Central Bank data, gross reserves recorded an increase of $4.2 billion during this period.
Along with this increase, the total amount of gross reserves reached the level of $171.6 billion, displaying a remarkable recovery.
Net Reserves and Data Excluding Swaps
Alongside gross reserves, a similar upward movement was experienced on the net reserves side. Net reserves rose to $57.7 billion with a recovery of $4 billion.
On the other hand, a much stronger recovery was recorded in net reserves excluding swaps. According to the calculations made, an increase of $6.4 billion was seen in this item.
As a result of this increase in net reserves excluding swaps, the said amount rose to the level of $44.2 billion in the week of October 9.