UPDATE - Turkish Central Bank reserves hit all-time high

UPDATES WITH COMMENTS FROM FINANCE MINISTER

By Tuba Ongun

The Turkish Central Bank's official reserve assets hit an all-time high as of June 7, according to weekly figures released on Thursday.

The gross reserves rose to of $146.2 billion last Friday from $143.6 billion the previous week, the bank's international reserves and foreign currency liquidity report showed.

Foreign currency reserves – in convertible foreign currencies – amounted to $86.4 billion as of the end of last week, rising from $83.9 billion the prior week.

The bank's gold reserves – including gold deposits and, if appropriate, gold-swapped – on June 7 were broadly unchanged at $59.8 billion.

Türkiye's net reserves, excluding swaps, rose to $6 billion as of June 7, a rise of $71.5 billion from the beginning of April, Türkiye's Treasury and Finance Minister Mehmet Simsek said on X.

In addition to the inflow of external sources, de-dollarization fueled the hike in reserves, he noted, adding: "The macro financial stability that we have strengthened by reducing vulnerabilities will provide significant support to achieve our goal of permanent price stability."