Data from the Turkish Central Bank showed, on Thursday, that the bank’s net foreign exchange reserves fell in July to 6.07 billion dollars, the lowest level in at least 20 years, before recovering again in the past weeks.
Foreign exchange reserves have fallen sharply in the past few years, the most recent of which was the Turkish central bank’s sale of billions of dollars in market interventions following a currency crisis in December.
The lira concluded 2021 with a 44 percent drop against the dollar, which contributed to an increase in inflation to more than 80 percent, the highest level under President Recep Tayyip Erdogan.
The currency has fallen more than 27 percent against the dollar this year.
Turkey’s central bank has met the market’s need for more than $30 billion in foreign exchange since December, using its reserves, as well as direct interventions in the foreign exchange market in 2019-2020, when it sold $128 billion to prop up the lira.
#Slightly. #Turkeys #foreign #exchange #reserves #rise #number