Turkish Central Bank reserves hit record high

By Tuba Ongun

The Turkish Central Bank's official reserve assets hit an all-time high of $148.4 billion as of July 5, according to weekly figures released on Thursday.

The gross reserves rose from $142.9 billion the previous week, the bank's international reserves and foreign currency liquidity report showed.

Foreign currency reserves – in convertible foreign currencies – totaled at $89.7 billion as of last Friday, up from $84.8 billion a week earlier.

The bank's gold reserves – including gold deposits and, if appropriate, gold-swapped – grew by $600 million to $58.7 billion on July 5.

"Our reserves continue to strengthen and our reserve adequacy continues to improve," Türkiye's Treasury and Finance Minister Mehmet Simsek said on X.

Gross reserves increased $50 billion compared to last May, Simsek said.

Türkiye's net reserves, excluding swaps, amounted to $18.1 billion as of July 5, shifting from minus $60.5 billion in the same period, he noted.

This upward trend in reserves is strengthening financial stability, thus significantly contributing to the disinflation process, Simsek stressed.