Central Bank’s net reserve excluding swaps is minus 59.1 billion dollars

The Central Bank’s (CBRT) net reserves excluding swaps fell to a record low of minus $59 billion as of the week of September 30. The reserves have been reduced below 60 billion dollars twice before; once when Berat ALBAYRAK resigned from the treasury and finance ministry, and when ‘Exchange Rate Protected Deposit system was launched.

According to MB data, gross reserves were $ 107 billion as of the week of September 30, with a decrease of $ 3.8 billion.

Net reserves remained at $9.7 billion in the same period, with a horizontal outlook, while net reserves excluding swaps fell to a record low.

Part of the swap agreement with South Korea for $ 780 million was transferred to MB accounts last week.

In addition to MB swap agreements, reserve currency-denominated deposit accounts have also been increasing recently. At the time of this increase in reserves, President Tayyip Erdogan said ‘friendly countries are supporting’. The markets are also watching whether Rosatom will transfer new resources for the $ 20 billion nuclear power plant project in the coming period.

Net reserves are at a critical level

According to the data, net reserves excluding swaps were minus $ 59 billion as of the week of September 30. The previous week, these reserves were recorded as minus $ 55.4 billion.