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Turkish cenbank's net FX reserves jump to $11.81 bln

Kitco News

ISTANBUL, Aug 11 (Reuters) - The Turkish central bank's net international reserves rose around $2.7 billion to $11.81 billion in the week to Aug. 5, rising to their highest level since late May, data from the central bank showed on Thursday.

The exchange rate used by Reuters on Thursday was 17.9350. Net forex reserves had dropped to $6.07 billion on July 8.

Forex reserves have dropped sharply in recent years, most recently due to the billions of dollars the bank sold in market interventions in the wake of a currency crisis in December.

The lira ended the year down 44% against the dollar in 2021, a slump which helped send inflation soaring to 79.60% in July, the highest under President Tayyip Erdogan's rule.

The currency is down nearly 27% against the greenback this year.

The central bank has met the market's need for more than $30 billion of forex since December through its reserves, in addition to direct interventions in the forex market in 2019-2020, when it sold $128 billion to support the lira.

Its net forex reserves touched $19.13 billion on April 15 before beginning to decline again.

In past years, the bank used swaps with local banks to backstop interventions, an unorthodox policy that spooked foreign investors and local savers.

Data showed the bank's outstanding swap transactions stood at $44.47 billion as of Wednesday. The reserves are in negative territory once the swaps are deducted.

Date
Net international reserves(mln lira)
Net international reserves (mln USD)
05-08-2022
211,824
11,811
29-07-2022
163,261
9,118
22-07-2022
118,105
6,700
15-07-2022
110,970
6,356

08-07-2022
104,818
6,073
01-07-2022
125,185
7,514
24-06-2022
130,637
7,531
17-06-2022
127,601
7,381
10-06-2022
140,203
8,152
03-06-2022
172,885
10,517
27-05-2022
199,511
12,189
20-05-2022
152,223
9,561
13-05-2022
176,994
11,529
06-05-2022
222,391
14,995
29-04-2022
251,397
17,010
22-04-2022
251,640
17,165
15-04-2022
279,135
19,128
08-04-2022
269,590
18,303
01-04-2022
240,065
16,401
25-03-2022
236,508
15,955
18-03-2022
252,309
17,199
11-03-2022
233,847
15,861
04-03-2022
256,101
18,148
25-02-2022
258,873
18,119
18-02-2022
269,383
19,802
11-02-2022
214,035
15,817
04-02-2022
221,360
16,331
28-01-2022
143,166
10,532
21-01-2022
124,610
9,269
14-01-2022
102,192
7,547
07-01-2022
108,359
7,947
31-12-2021
108,219
8,339
24-12-2021
98,788
8,627
17-12-2021
185,009
12,162
10-12-2021
291,008
21,175
03-12-2021
301,225
22,468
25-11-2021
295,997
24,666
19-11-2021
269,339
25,181
12-11-2021
283,702
28,608
05-11-2021
308,620
31,855
29-10-2021
309,505
32,643
22-10-2021
301,043
32,420
15-10-2021
293,621
32,119
8-10-2021
262,343
29,607

1-10-2021
259,991
29,283

24-09-2021
263,467
30,429
17-09-2021
239,596
28,388
10-09-2021
244,346
28,864
03-09-2021
230,185
27,856
27-08-2021
221,063
26,449
20-08-2021
219,401
25,778
13-08-2021
206,721
24,115
06-08-2021
214,728
25,184
30-07-2021
209,197
24,619
23-07-2021
202,511
23,797
16-07-2021
207,890
24,138
09-07-2021
201,983
23,252
02-07-2021
177,271
20,430
25-12-2020
118,321
15,530
27-12-2019
243,910
41,130
28-12-2018
159,352
30,130

Note: The figures are released every week on the central bank balance sheet as per a letter of intent with the International Monetary Fund dated 18 January 2002. The figures are released in Turkish liras and are converted by Reuters to U.S. dollars using the central bank's official exchange rate from the previous work day.

Reporting by Can Sezer; Writing by Daren Butler; Editing by Ali Kucukgocmen
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