Türkiye's reserves hit record level last week

By Gokhan Ergocun

ISTANBUL (AA) - Türkiye's international reserves hit a historical high level last week, reaching $156.4 billion, the Turkish treasury and finance minister stated on Thursday.

Türkiye's foreign reserve adequacy exceeded the threshold level according to the international definition, Mehmet Simsek said on X platform.

Net reserves, excluding swaps, increased by $90.5 billion compared to May last year, reaching a 5.5-year peak of $29.9 billion, from minus $60.5 billion.

During the same period, crude reserves increased by $57.9 billion to $156.4 billion.

"Thanks to our program, the reduced current account deficit and increased reserves are lowering our risk premium and strengthening our financial stability," he added.