By Muhammed Ali Gurtas
ANKARA (AA) - The official reserves of the Central Bank of Turkey (CBRT) totaled $96.3 billion as of the end of March, the bank reported Friday.
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 all-time peak at nearly $136 billion, including some $21 billion in gold reserves.
- Liability side
Friday's 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.
According to the bank's definition, the contingent short-term net drains on foreign currency consist of “collateral guarantees on debt due within one year” and “other contingent liabilities," which are the banking sector’s required reserves in blocked accounts in foreign currency and gold, and the letters of credit items on the Central Bank’s balance sheet.