ADDS FINANCE MINISTER'S REMARKS
By Mucahithan Avcioglu
ISTANBUL (AA) - The Turkish Central Bank's official international reserves exceeded the $200 billion threshold for the first time as of Jan. 16, according to figures released Thursday.
Reserves surged 4.6%, or $9.1 billion to $205.2 billion from the previous week's $196.1 billion, said the bank.
Foreign currency reserves, in convertible foreign currencies, rose 6.7% to $76.4 billion compared to the previous week.
The bank's gold reserves, including gold deposits and, if appropriate, gold-swapped, climbed 3.7% to $121 billion in the same period.
Meanwhile, total IMF reserve position and special drawing rights decreased 0.2% to $7.7 billion.
Türkiye's Finance Minister Mehmet Simsek stated that thanks to the program implemented, gross reserves increased by approximately $107 billion to $205.2 billion.
"Excluding swaps, the increase in net reserves was $139.3 billion. We have achieved reserve adequacy according to international standards," Simsek wrote on Turkish social media platform NSosyal.
At the same time, he said Türkiye is completing the exit process from the $143 billion contingent liability, which resulted in a total improvement in the foreign exchange position exceeding $280 billion.
"Strengthening macro-financial stability significantly contributes to a decrease in our risk premium and makes our economy more resilient to shocks," added Simsek.