Turkish Central Bank Reserves Surpass USD200 Billion

(MENAFN) The official international reserves of the Turkish Central Bank surpassed the $200 billion mark for the first time as of Jan. 16, according to data released Thursday.

The reserves increased by 4.6%, equivalent to $9.1 billion, reaching $205.2 billion from the previous week’s $196.1 billion, the bank reported.

Foreign currency reserves, held in convertible foreign currencies, rose by 6.7% to $76.4 billion compared with the prior week.

Gold reserves, which include gold deposits and, where relevant, gold-swapped holdings, climbed 3.7% to $121 billion during the same timeframe.

Meanwhile, the total IMF reserve position and special drawing rights experienced a slight decline of 0.2%, falling to $7.7 billion.

Türkiye’s Finance Minister Mehmet Simsek highlighted that, due to the implemented program, gross reserves expanded by roughly $107 billion to reach $205.2 billion.

"Excluding swaps, the increase in net reserves was $139.3 billion. We have achieved reserve adequacy according to international standards," Simsek wrote on Turkish social media platform NSosyal.

He also noted that Türkiye is finalizing the exit process from the $143 billion contingent liability, resulting in a total enhancement of the foreign exchange position exceeding $280 billion.

"Strengthening macro-financial stability significantly contributes to a decrease in our risk premium and makes our economy more resilient to shocks," Simsek added.

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