Turkish Central Bank reserves rise to $112.3B in February

By Tuba Sahin

ANKARA (AA) - The Turkish Central Bank’s reserves rose to $112.3 billion at the end of February, the bank announced on Thursday.

The bank's total reserve assets increased 2.4% from a month ago, the latest data showed.

Foreign currency reserves – in convertible foreign currencies – decreased 3.7% to $61 billion, while its gold reserves – including gold deposits and, if appropriate, gold swapped – jumped 12% from January to $43.5 billion this January.

The bank’s reserves in the same month of 2021 were at $95.3 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 – slipped 19% month-on-month to $22 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.