Turkish Central Bank reserves at $96.3B in March

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The official reserves of the Central Bank of Turkey (CBRT) totaled $96.3 billion as of the end of March, the bank reported on April 26.

Last month, total reserve assets posted a 3.8% decline, down from $100.1 billion at the end of February.

Foreign currency reserves amounted to $74 billion in convertible foreign currencies, falling 4.8% over the same period.

Gold reserves dropped 0.7% to $20.8 billion including gold deposits and, if appropriate, gold swapped.

On a yearly basis, official reserves of the CBRT dropped 12.7%, as the amount was $110.3 billion at the end of March 2018.

In mid-December 2013, the bank’s total reserves hit an all-time peak at nearly $136 billion, including some $21 billion in gold reserves.

The report also said short-term predetermined net drains of the central government and the CBRT climbed 70% month-on-month to $25.2 billion in March.

“Of this amount, $12.1 billion belongs to foreign currency loans, securities, foreign exchange deposit accounts of foreign banks and residents abroad within the CBRT.

“Specifically $7.4 billion in principal repayments and $4.7 billion in interest repayments,” the bank said.

It also said liabilities arising from the CBRT’s financial derivatives activities were $13.1 billion, of which $9.6 billion is due in one month while $3.5 billion in 4-12 months.

In March, contingent short-term net drains on foreign currency were $31.2 billion, falling 2% on a monthly basis.

Hurriyet Daily News

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