The sharpest drop in 9 months in Central Bank reserves

A sharp decrease was observed in the reserves of the Central Bank of the Republic of Turkey (CBRT) last week.

Gross reserves of the CBRT decreased by $3.99 billion to $125.64 billion in the week of February 10. Thus, the fastest decline in reserves since May 2022 was seen.

As of February 10, the gross foreign exchange reserves of the Central Bank decreased by 2 billion 301 million dollars to 75 billion 630 million dollars. Gross foreign exchange reserves were at the level of 77 billion 931 million dollars on 3 February.

In the said period, gold reserves decreased by 1 billion 689 million dollars from 51 billion 696 million dollars to 50 billion 7 million dollars.

Thus, the Central Bank’s total reserves decreased from 129 billion 627 million dollars to 125 billion 638 million dollars in the week of February 10, with a decrease of 3 billion 989 million dollars compared to the previous week.

Reserve assets decreased by 2.6 percent in January compared to the previous month.

“International Reserves and FX Liquidity Developments” data for the period of January 2023 was published by the CBRT.

Accordingly, official reserve assets decreased by 2.6 percent to 125.3 billion dollars in January compared to the previous month. In the same period, foreign exchange assets decreased by 10.9 percent to 67.2 billion dollars, while gold reserve assets increased by 10.3 percent to 50.6 billion dollars.