Turkish Central Bank reserves below $100B in June

By Tuba Sahin

ANKARA (AA) – Reserves of the Turkish Central Bank fell to $98.3 billion as of the end of this June, the bank announced on Thursday.

The bank's total reserve assets dropped 3.3% from a month ago, the latest data showed.

Foreign currency reserves – in convertible foreign currencies – declined 4.8% from May to $49.7 billion in June.

The bank's gold reserves – including gold deposits and, if appropriate, gold swapped –dropped 1.8% month-on-month to $41.1 billion.

The bank's reserves in June 2021 were at $97.7 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 – rose slightly 0.8% to $23.2 billion in the 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 letters of credit items on the Central Bank's balance sheet.