Amid a $2.8 billion decrease in foreign currency reserves and a $3.1 billion drop in gold reserves, the Central Bank of Turkiye’s total reserves have contracted to their lowest level since June.
The Central Bank of Turkiye (CBRT) has reported a significant decline in its total reserves, which fell by $5.9 billion in the week ending July 26. The total reserves now stand at $148.01 billion, down from $153.91 billion the previous week. This marks a notable contraction in the central bank’s financial buffers as both foreign currency and gold reserves saw reductions.
According to the CBRT’s latest weekly monetary and banking statistics, gross foreign currency reserves decreased by $2.79 billion, bringing them down to $91.91 billion from $94.70 billion recorded on July 19. Concurrently, gold reserves experienced a sharp decline of $3.11 billion, falling to $56.10 billion from $59.21 billion.
The decline in reserves highlights the ongoing challenges faced by Turkiye’s economy, as the central bank navigates a complex landscape of monetary policy, external debt obligations, and volatile currency markets. Since the beginning of the year, Turkiye’s reserves have fluctuated significantly, reflecting the broader economic conditions and market pressures.
Source: Trthaber / Prepared by Irem Yildiz
