The Turkish central bank’s net foreign reserves excluding swaps are estimated to have risen $6 billion (TL 196.7 billion) to reach $18 billion last week according to bankers’ projections on Tuesday, which would see the bank maintaining the positive trend and strong buildup observed in the last couple of months.
The reserves are said to have increased after dropping for the first time in nearly three months in late June.
Net reserves excluding swaps had turned positive for the first time in four years, reaching $1.5 billion in the week to May 31, and then continued its rise. The bankers said that since the March 31 local elections, net reserves excluding swaps have risen by almost $83 billion.
Before the vote, reserves stood at a historic low of $65.5 billion on March 29.
The total reserves of the Central Bank of the Republic of Türkiye (CBRT) reached a fresh all-time high of $147.6 billion as of June 21, before slightly dropping in the week that followed.
Official data last week showed that the central bank’s net international reserves fell $5.45 billion to $39.4 billion in the week to June 28, while the net foreign reserves excluding swaps fell $1 billion.
According to bankers’ calculations, net reserves rose some $4 billion last week to stand at $43.5 billion.
The central bank did not immediately comment on the bankers’ calculations. Official data will be released on Thursday at 11:30 a.m. GMT (2:30 p.m. local time).
