Turkish Central Bank Reserves Continue to Grow for 15 Consecutive Weeks

The Turkish central bank reported Thursday a remarkable surge in its total reserves in the week ending Sept. 22, setting a positive streak as reserves have continued to grow uninterruptedly for 15 consecutive weeks, according to Anadolu Agency (AA) reports.

The Central Bank of the Republic of Türkiye (CBRT) reserves totaled over $125 billion in the week ending Sept. 22, posting a surge of approximately $4 billion compared to the previous week, the weekly statistics shared by the bank suggested.

Gross Foreign Exchange Reserves and Gold Reserves Increase

The CBRT’s gross foreign exchange reserves experienced a substantial uptick, surging by $3.75 billion to reach a total of $83.81 billion, the data said.

During this same period, gold reserves also saw a significant rise, increasing by $237 million, from $41.455 billion to $41.692 billion.

Overall Reserves Soar to $125.5 Billion

As a result, the bank’s overall reserves soared to $125.5 billion from $121.5 billion in the week ending Sept. 22, marking a notable increase of $3.988 billion compared to the prior week.

The reserves which stood at $98.5 billion at the end of May, have thus recovered strongly posting an increase amounting to approximately $27 billion till Sept. 22.

Record-Breaking 15-Week Run of Increasing Reserves

The CBRT’s record-setting 15-week run of increasing reserves is a significant achievement, underscoring its commitment to strengthening financial stability.

The bank run by its first-ever female Governor Hafize Gaye Erkan delivered a shift to more conventional economic policies following the May presidential and legislative elections.

CBRT’s Commitment to Gradual Tightening of Monetary Policy

Under Erkan, the CBRT has hiked the benchmark one-week repo rate by 2,150 basis points to 30% in the last four months, pledging to deliver further tightening in a gradual manner to ensure a down course in disinflation expected in 2024.