Turkish Central Bank reserves rise to $ 105.8 billion in July

Turkey’s central bank’s total reserves stood at $ 105.8 billion as of July 31, the bank said on Friday.

Official reserve assets jumped 8.3 percent from $ 97.7 billion at the end of June, according to the bank’s report on international reserves and foreign currency liquidity.

In July, foreign exchange reserves – in convertible currencies – amounted to $ 62.6 billion, a monthly increase of 12.6%.

Another sub-item of official reserve holdings, gold reserves – including gold deposits and, where applicable, traded gold – rose 2.6% last month from the previous month for reach $ 41.6 billion.

At the end of July 2020, the bank’s total reserves stood at $ 90.3 billion, including $ 45.1 billion in foreign exchange and 43.6 billion in gold reserves.

The bank’s reserves will exceed $ 115 billion by the end of 2021, Turkish President Recep Tayyip Erdogan said at a press conference in Istanbul ahead of his visit to Bosnia and Herzegovina on Friday.

The central government and CBRT’s short-term predetermined net drains – foreign currency loans, securities and foreign currency deposits – fell 10.9% in July from the previous month, to $ 20.2 billion.

Of that amount, $ 14.5 billion is for principal repayments and $ 5.7 billion for interest repayments, he added.

The CBRT report also found that potential short-term net foreign currency drawdowns stood at $ 46.1 billion last month, up 2.3% from June.

According to the bank’s definition, possible net short-term withdrawals on foreign currencies consist of “collateral guarantees on debt at less than one year” and “other contingent liabilities” which are the required reserves of the banking sector in foreign currency and gold blocked accounts, and letters of credit on the CBRT’s balance sheet.

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