2023-06-27 09:46:57
Denominations of the currency of the lira and the US dollar
Four bankers said on Tuesday that the net international reserves of the Turkish Central Bank rose by regarding $8.5 billion last week to nearly nine billion, in the largest weekly increase ever, with its cessation of intervention in the currency market and the decline of the lira.
The bank’s total reserves rose by regarding $4.5 billion to $107.5 billion as of June 23, according to bankers’ calculations.
Estimates of the increase in net reserves ranged between $8.2 and $8.8 billion, while estimates of total reserves ranged between $4.3 and $4.8 billion.
The last time the bank recorded the largest weekly increase in net international reserves before that was in February 2002, which amounted to $8.2 billion.
Turkish economic authorities have taken steps to return to traditional policies since Erdogan’s re-election last month, including the central bank raising interest rates by 650 basis points to 15 percent on Thursday.
However, this measure fell short of market expectations, as the median estimate in a Archyde.com poll was for interest rates to reach 21 percent.
The Turkish lira touched a new record low of 26.10 once morest the dollar early Tuesday during hours that witnessed a drop in liquidity following officials and bankers said the central bank had stopped using its reserves to support the currency.
The lira subsequently increased slightly by 0437 GMT, to record 26.05, with little change from its closing level on Monday.
The lira has fallen by more than 28 percent since the beginning of the year.
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