The Turkish central bank’s net foreign reserves are estimated to have risen some $9 billion last week, bankers said on Monday, surging on the back of foreign investor demand after net reserves fell for three consecutive weeks.
Official data last week showed that the central bank’s net international reserves fell to $39.74 billion in the week to Sept. 6.
The total reserve assets on the other hand totaled $146.8 billion in the week to Sept. 6.
According to four bankers’ calculations, net reserves rose some $9 billion last week to stand at around $49 billion in the week to Sept. 13.
The Central Bank of the Republic of Türkiye (CBRT) has seen a period of a relatively long upward trend in reserves since spring although net reserves have been falling since mid-August.
The positive trend and the improvement in financial standing came amid a monetary policy turnaround, after which CBRT hiked its main interest rate by a total of 4,150 basis points between last June and March to rein in inflation.
The central bank did not immediately comment on the bankers’ calculations.
Official data on reserve assets will be released on Thursday at 11:30 a.m. GMT (2.30 p.m. local time), shortly after the bank’s latest decision on the interest rates.
The central bank is expected to keep rates constant, according to several surveys.
