Türkiye's international reserves reach record high last week
Date
9/29/2024 7:45:36 AM
(MENAFN) According to the Turkish treasury and finance minister, Türkiye's international reserves reached a record high last week, soaring to USD156.4 billion. This significant milestone reflects the country’s robust economic strategies and efforts to enhance its financial position on the global stage. Mehmet Simsek made the announcement on Thursday, underscoring the importance of this achievement in strengthening Türkiye's economic framework.
Simsek noted that Türkiye's foreign reserve adequacy has surpassed the threshold level as defined by international standards, indicating a healthier economic outlook. This increase in reserves is crucial as it provides a buffer against external economic shocks and enhances the country's credibility among international investors.
The minister further revealed that net reserves, which exclude swaps, experienced a remarkable increase of USD90.5 billion compared to May of last year. This surge brought net reserves to a 5.5-year peak of USD29.9 billion, a significant recovery from the previous figure of minus USD60.5 billion.
Additionally, during the same timeframe, Türkiye's crude reserves increased by USD57.9 billion, contributing to the overall rise in international reserves to USD156.4 billion. Simsek attributed these positive developments to the government’s strategic program, which has successfully reduced the current account deficit while simultaneously increasing reserves.
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