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Turkey: Central Bank reserves reach $101.6B in Aug.

Turkey: Central Bank reserves reach $101.6B in Aug.
Central Bank reserves post increases on both monthly and annual basis

By Gokhan Ergocun

ISTANBUL (AA) - The Turkish Central Bank's official reserves totaled $101.6 billion as of the end of August 2019, the bank announced on Friday.

Its total reserve assets soared 2.2% in July, compared to $99.4 billion at the end of July, showed a report on the bank's international reserves and foreign currency liquidity.

The bank's foreign currency reserves -- in convertible foreign currencies -- totaled some $74.4 billion, unchanged from the previous month's figures.

Its gold reserves -- including gold deposits and, if appropriate, gold swapped -- posted an increase of 9.4% on a monthly basis to $25.7 billion in August.

Compared annually, the bank’s official reserves also rose 14.2%, up from $88.9 billion at the end of August 2018.

In mid-December 2013, its total reserves hit their all-time peak at nearly $136 billion, including some $21 billion in gold reserves.

- Liability side

In August, short-term predetermined net drains of the central government and the Central Bank -- foreign currency loans, securities, and foreign exchange deposit accounts of residents abroad within the bank -- dropped by 1.8% to $16.8 billion, the report showed.

It said $12 billion of this amount was principal repayments and $4.8 billion was interest repayments.

The contingent short-term net drains on foreign currency totaled $36.2 billion in August, up 0.2% from the previous month.

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 the letters of credit items on the Central Bank’s balance sheet.

source: News Feed
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