Turkish Central Bank's official reserve reach record high of USD167.56B
(MENAFN) As of January 24, the Turkish Central Bank's official reserve assets reached a historic peak of USD167.56 billion, according to the latest weekly data released on Thursday. This marks a significant increase in the country's reserves, reflecting a strong upward trend. The gross reserves grew by USD4.25 billion compared to the previous week's total of USD163.3 billion, highlighting the positive change in the nation's financial standing.
Foreign currency reserves, which are held in convertible foreign currencies, accounted for a significant portion of the total reserves. As of January 24, these reserves stood at USD99.32 billion, up from USD96.8 billion the previous week. This increase in foreign currency reserves indicates a growing liquidity position for Turkey, which can be used to support its foreign exchange needs.
The Turkish Central Bank also saw a notable rise in its gold reserves. On January 24, the value of gold reserves had increased by USD1.72 billion, bringing the total to USD68.23 billion. This growth in gold reserves reflects a shift towards a more diversified reserve portfolio and adds to the overall strength of the country's financial assets.
These figures, released in the bank's international reserves and foreign currency liquidity report, underscore a positive development in Turkey's economic reserves. This increase in reserves is an important indicator of the country's financial stability and potential to manage external pressures effectively.
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