NEWS Finance        27/09/2019

Turkish Central Bank’s reserves increase by 2.2% to USD 101.6 billion as of the end of August 2019

According to the Turkish Central Bank’s International Reserves and Foreign Currency Liquidity report, the Bank’s total reserves increased by 3.2% in the month of August 2019. The reserves value as of August 29th, 2019 was USD 101.6 billion, compared with USD 99.4 billion as of the end of July 2019.


In August 2019, the Bank’s foreign currency reserves, in convertible foreign currencies, remained at USD 74.4 billion, an increase of 3.3%, while its gold reserves increased by 9.4% to USD 25.7 billion, compared with the previous month of July. 


In 2018, the Bank's official reserves saw a decline of 13.6% to USD 93 billion from USD 107.7 billion at 2017 yearend. In mid-December 2013, the Bank's total reserves had reached their all-time peak of nearly USD 136 billion, including some USD 21 billion in gold reserves. 


With regards its short-term liabilities in August 2019, the Bank made the following declaration on its website :


“Short term predetermined net drains of the Central Government and the CBRT (foreign currency loans, securities, FX deposit liabilities) decreased by 1,8 percent to USD 16.8 billion on net basis, of which USD 12 billion in principal repayments and USD 4.8 billion in interest repayments. Additionally, outstanding FX and gold liabilities arising from the CBRT’s financial derivative activities with resident and non-resident banks indicated USD 14.5 billion, of which USD 10.3 billion is due in one month.


Contingent short-term net drains on foreign currency consists of “collateral guarantees on debt due within one year” and “other contingent liabilities (“Banking Sector’s Required Reserves in Blocked Accounts in Foreign Currency and Gold” and “Letters of Credit” items in the CBRT’s balance sheet). These liabilities increased by 0.2 percent to USD 36.2 billion compared to the previous month.”


Turkey’s net minimum wage has been raised 15.04% to TL 2,324.70 (USD 391) as of 01.01.2020       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s annual inflation rate falls to 10.94% in April 2020       Turkey’s unemployment rate decreases marginally to 13.6% in February 2020       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,154,997 as of 2019 yearend       Foreigners visiting Turkey in 2019 increase by 14.1% to a record 45.1 million       Turkey’s private sector foreign debt is USD 189.8 billion as of 2019 yearend       Turkey’s economy grew by 0.9% in 2019