Minister of Treasury and Finance Mehmet Şimşek stated that the Central Bank’s gross reserves have reached a historical high level, saying, “Besides the inflow of external resources, de-dollarization has also contributed to the increase in reserves.”
Minister Şimşek: Historical high level in gross reserves. Reserves increased to $146.2 billion.
Ankara Minister Şimşek shared a post on social media about the Central Bank reserves.
Central Bank reserves have broken all-time records with approximately $146.2 billion Şimşek, using the expression “Historical high level in gross reserves,” indicated that as of June 7, gross reserves had risen to $146.2 billion, and excluding swaps, net reserves had risen to $6 billion.
Şimşek drew attention to the increase in net reserves, excluding swaps, which has reached $71.5 billion since early April, stating:
“The stock of FX hedged deposits (KKM) decreased by 38.4% compared to August 2023, a decrease of 1.3 trillion Turkish liras. The share of Turkish lira deposits in total increased by 16.8 percentage points, while the share of KKM decreased by 12.9 percentage points and foreign currency deposits decreased by 3.8 percentage points. In addition to the inflow of external resources, de-dollarization has contributed to the increase in reserves. The macro-financial stability we have strengthened by reducing vulnerabilities will provide significant support for us to achieve our goal of sustainable price stability.”
source: aa.com.tr/ prepared by Melisa Beğiç