Türkiye’s central bank continues amassing foreign exchange to shore up its financial buffer, with official data on Thursday showing its net international reserves rose another $2 billion (TL 64.60 billion) last week, driven by strong foreign investor interest.
The net reserves reached $47.5 billion in the week through June 7, the weekly data released by the Central Bank of the Republic of Türkiye (CBRT) showed.
Total reserves also reached a new high of $146.15 billion, up $2.5 billion from the previous week. The previous record of $145.5 billion was set in the last weeks of last year.
In addition to the inflow of external sources, de-dollarization has also contributed to the increase in reserves, said Mehmet Şimşek, treasury and finance minister.
“The macro-financial stability that we have strengthened by reducing vulnerabilities will provide significant support to achieve our goal of permanent price stability,” Şimşek wrote on social media platform X shortly after the data release.
The CBRT has been steadily building its reserves since the beginning of April, driven by rising foreign interest and declining demand for foreign currency.
That marked a reversal from the losses seen in December of last year.
The bank’s net foreign reserves, excluding swaps, maintained the pace after they turned positive for the first time in four years in the week through May 31.
They climbed from $1.5 billion to $5.9 billion last week, the data showed.
That marks an increase of approximately $71.5 billion in the 10 weeks since the local elections on March 31.
They were at a historic low of minus $65.5 billion on March 29, before the polls.
