(MENAFN) As per the latest weekly update from the Turkish Central Bank, the country's gross reserves soared to a historic high of USD146.3 billion as of June 14, underscoring a steady increase from the previous week's USD146.2 billion, as detailed in the bank's international reserves and foreign currency liquidity report.

The notable rise in gross reserves was driven by a significant uptick in foreign currency holdings, which reached USD88.43 billion by the end of the reporting period. This marked a substantial increase compared to the USD86.4 billion recorded in the preceding week, reflecting ongoing efforts to fortify Turkey's foreign exchange reserves.

In contrast, the bank's gold reserves, including both physical holdings and potentially gold-swapped assets, amounted to USD57.87 billion as of June 14. This figure showed a slight decline from the USD59.8 billion reported on June 7, indicative of fluctuations in global gold markets.

Turkey's robust accumulation of gross reserves is pivotal in supporting economic stability and mitigating external vulnerabilities amid global economic uncertainties. These reserves play a critical role in ensuring liquidity, bolstering investor confidence, and providing a buffer against potential financial shocks.

The Central Bank's proactive management of reserves aligns with broader strategic objectives aimed at enhancing Turkey's economic resilience and safeguarding against market volatilities. By maintaining robust reserves, Turkey aims to reinforce its financial footing and sustain growth momentum in a dynamic global economic landscape.

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