Turkish cenbank's net FX reserves rise to $29.6 bln



ISTANBUL, Oct 14 (Reuters) - The Turkish central bank's net international reserves rose to $29.61 billion as of Oct. 8, from $29.28 billion a week earlier, data showed on Thursday.

The exchange rate used by Reuters on Thursday was 8.8609.

Net forex reserves dipped below $10 billion in April before gradually rising again and still remain below the $41 billion level at the end of 2019.

In 2019-2020, the net reserves plunged as the central banks sold off $128 billion via state banks to stabilize the lira, which has still steadily depreciated. Earlier this year, the sales emerged as a focus of what the political opposition calls government mismanagement.

The central bank used swaps with local banks to backstop the FX interventions, an unorthodox policy that spooked foreign investors and raised the risk of a balance of payments crisis, analysts said.

Data showed the bank's outstanding swap transactions stood at $46.76 billion as of Wednesday. The reserves are in negative territory once the swaps are deducted. Date

Net international

Net international

reserves(mln lira)

reserves (mln USD)

8-10-2021

262,343

29,607

259,991

29,283

1-10-2021

263,467

30,429

24-09-2021

239,596

28,388

17-09-2021

244,346

28,864

10-09-2021

230,185

27,856

03-09-2021

221,063

26,449

27-08-2021

219,401

25,778

20-08-2021

206,721

24,115

13-08-2021

214,728

25,184

06-08-2021

209,197

24,619

30-07-2021

202,511

23,797

23-07-2021

207,890

24,138

16-07-2021

201,983

23,252

09-07-2021

177,271

20,430

02-07-2021

181,101

20,914

25-06-2021

159,175

18,457

18-06-2021

127,313

14,923

11-06-2021

126,679

14,691

04-06-2021

104,881

12,438

28-05-2021

113,529

13,566

21-05-2021

105,396

12,719

14-05-2021

100,368

12,083

07-05-2021

97,807

11,964

30-04-2021

92,817

11,224

23-04-2021

16-04-2021

85,288

10,585

80,933

9,928

09-04-2021

87,247

10,678

02-04-2021

101,546

12,788

26-03-2021

101,979

13,675

19-03-2021

81,562

10,956

12-03-2021

86,249

11,573

05-03-2021

100,164

13,926

26-02-2021

84,462

12,148

19-02-2021

94,192

13,379

12-02-2021

100,001

14,021

05-02-2021

29-01-2021

101,490

13,766

22-01-2021

82,148

11,126

15-01-2021

84,351

11,416

08-01-2021

99,097

13,625

01-01-2021

100,484

13,543

25-12-2020

118,321

15,530

27-12-2019

243,910

41,130

28-12-2018

159,352

30,130 Note: The figures are released every week on the central bank balance sheet as per a letter of intent with the International Monetary Fund dated 18 January 2002. The figures are released in Turkish liras and are converted by Reuters to U.S. dollars using the central bank's official exchange rate from the previous work day.
Reporting by Ali Kucukgocmen

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