The Turkish central bank’s net reserves rose $3 billion last week, with total reserves climbing to $7 billion, Reuters reported on Tuesday, citing calculations based on preliminary data from five bankers.
Net reserves increased to $12.8 billion last week, up from $9.7 billion the previous week, according to calculations, with total reserves rising to $114 billion from $107 billion.
The central bank declined to comment on the figures, Reuters said.
Turkey’s central bank has spent over $150 billion of its reserves defending the lira since a currency crisis in 2018.
The emergency action, brought on by a slump in investor confidence in economic policy, has prompted the bank to engage in currency swaps with state-run banks, meaning its net reserves of foreign currency turned deeply negative.
The lira has lost 44 percent of its value against the dollar last year and has declined by more than 25 percent in 2022 after the government ordered the central bank to cut interest rates despite an uptick in inflation.
Inflation in Turkey accelerated to an annual 83.45 percent in September, the highest level in the country in 24 years and the largest figure among emerging markets and industrialized economies.