Economy

Turkish Central Bank reserves at $106.9B in April

Bank's foreign currency reserves rise 3%, gold reserves down 1.3%

Tuba Sahin   | 20.05.2022
Turkish Central Bank reserves at $106.9B in April

ANKARA

The Turkish Central Bank's reserves rose to $106.9 billion as of the end of April, the bank announced on Friday.

The bank's total reserve assets increased 0.9% from a month ago, the latest data showed.

Foreign currency reserves -- in convertible foreign currencies -- rose 3% to $57.9 billion, while its gold reserves -- including gold deposits and, if appropriate, gold swapped -- fell 1.3% from January to $41.5 billion.

The bank's reserves in the same month of 2021 were at $88 billion.

Short-term predetermined net drains on the central government and Central Bank -- foreign currency loans, securities, and foreign exchange deposit accounts of residents abroad within the bank -- climbed 9.1% month-on-month to $23 billion.

According to the bank's definition, the contingent short-term net drains on foreign currency consist of "collateral guarantees on debt due within one year" and "other contingent liabilities," which are the banking sector's required reserves in blocked accounts in foreign currency and gold, and letters of credit items on the Central Bank's balance sheet.

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