The Turkish central bank’s net foreign currency reserves rose to $15.6 billion at the end of last week after declining about $5 billion in the previous seven days, Reuters reported on Thursday.
The rebound occurred after the Treasury sold Eurobonds, Reuters said, citing official data. The previous level was the lowest since 2003, according to bankers. Reuters did not say whether the figure included the full impact of currency swaps on the central bank’s net reserves position.
The central bank’s net foreign exchange reserves, minus the currency swaps, have fallen to a negative $46.5 billion from $22.7 billion at the end of last year, ratings agency Fitch said late last month.
Turkey’s foreign currency reserves have plummeted this year after the central bank sold tens of billions of dollars to support the lira, which has declined to successive record lows.
The net foreign exchange reserves may increase by several billion dollars in the coming weeks because of a recent adjustment to regulations that require banks to deposit more hard currency with the central bank, Reuters said.