Turkish central bank’s net reserves turn positive for 1st time in 4 years

The Central Bank of the Republic of Türkiye (CBRT)’s net reserves have turned positive for the first time in four years. Before the local elections, net reserves had plummeted to a historic low of $65.5 billion.

This week, net reserves excluding swaps increased by $5.3 billion, marking the first time they have risen above zero since March 2020.

Excluding swaps, net reserves rapidly declined to an all-time low of $65.5 billion just before the local elections on March 31.

Following the elections’ completion, CBRT embarked on a rapid reserve buildup, gradually recovering net reserves, excluding swaps.

Commenting on the development, CBRT President Fatih Karahan said that the bank would continue to accumulate reserves without impeding the fight against inflation.