Turkish Central Bank reserves reach $109.7B in January

By Tuba Sahin

ANKARA (AA) - The Turkish Central Bank’s reserves reached $109.7 billion at the end of this January, the bank announced on Thursday.

Total reserve assets rose 1.3% month-on-month in January, a report on the bank's international reserves and foreign currency liquidity showed.

Foreign currency reserves – in convertible foreign currencies – fell 2.4% to $63.3 billion in the same period.

Last month, the bank’s gold reserves – including gold deposits and, if appropriate, gold swapped – rose slightly by 0.3% from December 2021 to $38.6 billion this January.

The bank’s reserves in the same month of 2021 were at $95.7 billion.

Short-term predetermined net drains on the central government and Central Bank – foreign currency loans, securities, and foreign exchange deposit accounts of residents abroad within the bank – climbed 3% on a monthly basis to $27.3 billion.

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 letters of credit items on the Central Bank's balance sheet.