Central bank gross reserves hit $160 billion, says Turkish VP

Turkish Vice President Cevdet Yilmaz announced that the Central Bank of the Republic of Türkiye (CBRT) has raised its gross reserves to $160 billion, with net reserves, excluding swap agreements, set at $45 billion.

“We’ve made significant progress in accumulating reserves,” Yilmaz remarked, highlighting this as one of the fastest gains in the country’s history. He added that the current account deficit could fall below 1% by the end of the year.

Global shifts boost Türkiye’s economic prospects

Addressing the General Executive Board meeting of the Union of Chambers and Commodity Exchanges of Türkiye (TOBB) on Friday at the Twin Towers Conference Hall in Ankara, Yilmaz spoke on recent economic developments, noting the Federal Reserve and the European Central Bank’s recent interest rate cuts.

He emphasized global trends are expected to positively impact Türkiye’s economy, including stronger foreign demand, increased liquidity, and growing investments in developing markets.

GDP surge signals economic strength, stability

Yilmaz noted that Türkiye’s gross domestic product surpassed $1.1 trillion last year, with expectations of exceeding $1.3 trillion this year, indicating a strengthening of the currency. “We anticipate reaching a per capita income above $15,000 this year,” Yilmaz stated, adding that inflation has seen a year-over-year decrease to 27%, with expectations for continued decline.

Job market on the rise: A bright outlook for employment

On employment, Yilmaz projected a 3.5% growth rate for this year, with total employment expected to reach 32.8 million. “Our unemployment rate remains in single digits,” he noted, expressing gratitude toward the private sector and entrepreneurs.

He also highlighted various initiatives supporting the real sector, including the completion of the initial phase of 25 projects within the Investment Commitment-Based Advance Loan program, valued at ₺226 billion ($6.5 billion), which have now progressed to the financing stage.

Regional development: Bridging economic gaps across Türkiye

Yilmaz also discussed regional development efforts, stating: “We are implementing new action plans to help the Southeastern Anatolia (GAP), Eastern Anatolia (DAP), Eastern Black Sea (DOKAP), and Konya Plain (KOP) regions achieve the national income average, as these areas currently fall below it. These initiatives will be announced in each region in collaboration with local teams.”

“We will hold Economic Coordination Board meetings in these regions, bringing together local and national business leaders,” he added.