Turkish Central Bank reserves reach $91B in November

By Gokhan Ergocun

ISTANBUL (AA) - The Turkish Central Bank on Friday announced its official reserves amounted to $91 billion as of Nov. 30 of the current year.

Total reserve assets jumped 5.6 percent in November, versus $86.2 billion at the end of October, the bank's international reserves and foreign currency liquidity report showed.

Foreign currency reserves -- in convertible foreign currencies -- totaled $70.2 billion, up 6.1 percent compared to the previous month.

In November, the bank's gold reserves -- including gold deposits and, if appropriate, gold swapped -- also rose by 4.4 percent on a monthly basis to $19.3 billion.

Meanwhile, the bank’s official reserves decreased by 20.86 percent year-on-year, down from $115 billion at the end of November 2017.

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

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 -- recorded a 12.8-percent monthly hike in November, reaching $12.9 billion, the bank’s report said.

$8.8 billion of this amount was principal repayments and $4.1 billion was interest repayments, it added.

"Regarding the maturity breakdown of the principal and interest payments, $0.8 billion is due in one month, $0.8 billion in 2-3 months, $11.3 billion in 4-12 months," the bank said.

It also said the contingent short-term net drains on foreign currency totaled $29.7 billion in November, going up 6.5 percent 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.