Türkiye’s net reserves approach $35B, excluding swaps

The Central Bank of the Republic of Türkiye’s (CBRT) gross reserves decreased by $1 billion in the week ending Oct. 4, bringing the total down to $156.4 billion, according to calculations by BV Portfolio Economist Ali Orhan Yalcinkaya for CNBC-e.

Despite this decline, net reserves excluding swaps showed a significant increase.

Net reserves increase amid Eurobond transactions

Excluding swaps, Türkiye’s net reserves increased by $1.8 billion, reaching $34.6 billion, up from the previous week’s figure of $32.8 billion. Yalcinkaya also noted that net international reserves are projected to rise by $1.7 billion, bringing the total to $55.8 billion.

This rise in net reserves follows the Turkish Treasury’s recent eurobond issuance. On Sept. 25, the Treasury issued $3.5 billion in eurobonds maturing in 2035. Approximately $1.84 billion of this issuance was allocated for liability management operations, while the remainder is designated for cash financing.

CBRT to release official data

In the week ending Sept. 27, the Central Bank’s gross reserves stood at $157.4 billion, while net international reserves were at $54.1 billion.

The central bank is expected to release the official reserve data on Thursday at 2:30 p.m. local time.