Sharp decline in net international reserves

The CBRT’s net international reserves declined sharply for the second time in a row after the increases last month. Net reserves decreased by $1.26 billion in the week ending August 26 to $12.62 billion.

Thus, after recovering from historical lows with an increase of approximately 9 billion dollars in the last week of July and the first two weeks of August, net international reserves decreased by a total of 3.06 billion dollars in two weeks.

Net reserves 6.1 billion in early July dollar It was the lowest level since 2002.

Gross foreign exchange reserves also declined.

According to the weekly data released by the CBRT, net international reserves were at $13.88 billion the previous week.

According to the data, the CBRT’s gross foreign currency reserves also fell from $71.5 billion to $70.8 billion.

Although the CBRT’s foreign exchange reserves were supported by steps such as the sale of exporters’ foreign exchange revenues to banks and KKM, they recorded sharp declines during the year due to interventions in the foreign exchange market and foreign exchange sales to SOEs, especially BOTAŞ. In July, the CBRT did not sell any foreign currency to SEEs for the first time since September 2021.

Another central bank has 1-2 billion dollars in reserves.

Within the reserve data announced for the last week, there is a deposit/deposit entry transaction of around 1-2 billion dollars opened by another central bank with the CBRT.

Bankers obtain the relevant data from the entries in the CBRT’s weekly reserve data in the EEDS.

In the related item, according to the calculations of the bankers, an inflow of 1-2 billion dollars is seen in the last few weeks, approximately 1 billion dollars of which was last week.

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