Türkiye's central bank reserves reach $113.551 billion

The latest data was revealed in the CBRT's weekly monetary and banking statistics.

As of July 21, the CBRT's gross foreign exchange reserves saw a notable rise of $294 million, soaring to $71.675 billion from $71.381 billion recorded on July 14.

During the same period, the statement indicated that Türkiye's gold reserves also witnessed growth. Starting at $41.681 billion, the gold reserves experienced a $195 million increase, resulting in a current value of $41.876 billion.

The substantial boost in total reserves, attributed to the combined increase in foreign exchange and gold holdings, propelled the Central Bank's overall reserves from $113.062 billion to the new milestone of $113.551 billion.

The CBRT has taken a number of measures to try to stabilize the lira, including raising interest rates and selling foreign currency. The increase in reserves is a sign that these measures are starting to have an effect.

However, the lira remains under pressure and it is too early to say whether the recent increase in reserves will be enough to prevent further depreciation. (ILKHA)