Turkey foreign currency reserves shrink in lira defence

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Turkey’s gross foreign currency reserves dropped by more than $2 billion in the week to April 17, central bank data published on Friday showed.

The decline reduced gross reserves to $53.9 billion, a loss of $5.5 billion compared with a month earlier.

Turkey’s central bank is spending its foreign currency reserves to help bolster the lira, which is trading at its lowest levels since the peak of a currency crisis in August 2018.

Gold reserves grew to $33.9 billion from $28.3 billion a month earlier, helped by an increase in the price of the precious metal.

Ahval

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