Turkish Central Bank's foreign currency reserves shrink once again

The Turkish Central Bank's foreign currency reserves shrank by $345 million in a week, falling to $41.91 billion on Nov. 6. The net foreign currency reserves were already at a negative net balance a week prior.

Thursday November 12 2020 04:06 pm

Duvar English

Turkey's foreign currency reserves shrank by $345 million during the week preceding Nov. 6, falling to a total $41.91 billion, the Turkish Central Bank reported on Nov. 12.

Turkey's gross foreign currency reserves measured at $42.25 on Oct. 30, but the net balance fell to the negatives when swap lines were excluded.

Meanwhile, gold reserves rose by $1.18 billion in the week preceding Nov. 6, spiking to $43.32 billion.

As a result, the Central Bank's total reserves rose by $835 million for a total of $85.24 billion.

On the other hand, the Central Bank pumped some 9,999,999,000 liras into the market through a repo auction forward-dated on Dec. 10, receiving a 35.45-billion lira offer.