Turkey's net FX reserves rise to $18.46bln as of June 18

The reserves have emerged this year as a focus of what the political opposition calls government mismanagement

  

ISTANBUL- The Turkish central bank's net international reserves rose to $18.46 billion as of June 18, up from $14.92 billion a week earlier, data showed on Thursday.

The exchange rate used by Reuters on Thursday was 8.6243.

The reserves have emerged this year as a focus of what the political opposition calls government mismanagement. They plunged in 2019-2020 as state banks sold off $128 billion to stabilise the lira, which still fell 20% in 2020.

Net forex reserves were around $41 billion at the end of 2019.

The central bank used swaps with local banks to backstop the FX interventions, an unorthodox policy that spooked foreign investors and raised the risk of a balance of payments crisis, analysts said.

Data showed the bank's outstanding swap transactions stood at $45.215 billion as of Wednesday

28-12-2018 159,352 30,130 Note: The figures are released every week on the central bank balance sheet as per a letter of intent with the International Monetary Fund dated 18 January 2002. The figures are released in Turkish liras and are converted by Reuters to U.S. dollars using the central bank's official exchange rate from the previous work day.

(Reporting by Can Sezer; Writing by Ali Kucukgocmen; Editing by Daren Butler) ((ali.kucukgocmen@thomsonreuters.com , @alikucukgocmen; +905319306206; Reuters Messaging: Reuters Messaging: ali.kucukgocmen.thomsonreuters.com@reuters.net))


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