Reserves of the Central Bank melt by $ 3.5 billion in a week to keep dollar Tl rate low

Net international reserves of the Central Bank’s (CB) fell for the fourth consecutive week as of May 13, corresponding to a decrease of approximately $3.5 billion compared to the previous week.

Central Bank’s (CBT) net international reserves had declined to $7.55 billion, a 20-year low, in mid-January due to foreign exchange interventions in the foreign exchange market and foreign exchange sales to SMEs, BOTAŞ in particular.

The reserves were then partially recovered through steps such as the sale of part of the foreign exchange income of exporters to CBT and exchange rate-protected deposits.

LOWEST SINCE JANUARY 28

According to CBT data, net international reserves, which had decreased to $ 11.53 billion as of May 13, fell by $ 7.6 billion in the four weeks, the lowest value since January 28.