Turkiye’s Central Bank Reserves Skyrocket by $67 Billion, Reflecting Economic Resilience

Finance Minister Şimşek Highlights Strengthened Financial Stability as Net Reserves Excluding Swaps Turn Positive

Turkiye’s Central Bank reserves have experienced a remarkable increase over the past two months, with net reserves excluding swaps rising by $67 billion, reaching a gross total of $143.6 billion. This notable boost underscores Turkiye’s strengthened economic resilience and financial stability, as highlighted by Minister of Treasury and Finance Mehmet Şimşek in a recent social media announcement.

Şimşek emphasized that, for the first time since March 2020, the net reserves excluding swaps have turned positive. He credited this substantial increase to ongoing efforts to bolster Turkiye’s economic foundations and highlighted the importance of sustainable economic policies, including green transformation, energy efficiency, and new industrial strategies aimed at reducing the current account deficit and attracting foreign investments.

Strengthening Reserves to Enhance Turkiye’s Economic Stability

Minister Şimşek’s announcement underscores the government’s commitment to enhancing Turkiye’s macroeconomic stability amidst global economic uncertainties. He noted that achieving a sustainable current account balance through innovative policies is crucial for further increasing the reserves.

“Over the last two months, net reserves excluding swaps have surged by $67 billion, while gross reserves have reached $143.6 billion,” Şimşek stated. He highlighted that further increasing these reserves requires a multifaceted approach, including policies that promote direct foreign investment and access to capital-equivalent external funding.

The significant rise in reserves indicates a positive trend towards greater economic resilience, with the Minister affirming the government’s resolve to continue implementing strategic policies aimed at maintaining and strengthening this momentum.

Source: AA / Prepared by Irem Yildiz

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