NEWS Finance        26/06/2020

Turkish Central Bank’s gross reserves increase 5.3% to USD 90.9 billion in May 2020

According to the Turkish Central Bank’s International Reserves and Foreign Currency Liquidity report, the Bank’s total gross reserves increased by 5.3% in the month of May 2020. The reserves value as of May 31st, 2020 was USD 90.9 billion, compared with USD 86.3 billion as of the end of April 2020.

 

In May 2020, the Bank’s foreign currency reserves, in convertible foreign currencies, increased by 5.4% to USD 52.8 billion, and its gold reserves increased by 5.4% to USD 36.7 billion, compared with the previous month of April. 

 

The 2019 yearend total gross reserves figure of USD 105.5 billion represents a 13.4% increase over the USD 93 billion figure for 2018 yearend. The 2018 yearend figure had itself represented a decline of 13.6% 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 May 2020, 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 0.2 percent to USD 22.2 billion, of which USD 17.2 billion in principal repayments and USD 5.0 billion in interest payments. Additionally, outstanding FX and gold liabilities arising from the CBRT’s financial derivative activities with resident and non-resident banks recorded USD 55.3 billion, of which USD 20.1 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 (“Required Reserves in Blocked Accounts in Foreign Currency and Gold” and “Letters of Credit” items in the CBRT’s balance sheet). These liabilities recorded USD 27.6 billion decreasing by 8.5 percent compared to the previous month.”

 



Turkey’s net minimum wage has been raised 21.56% to TL 2,825.90 (USD 380) as of 01.01.2021       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate increases to 19.25% in August 2021       Turkey’s official unemployment rate shoots back up to 12% in July 2021       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,614,362 as of 2020 yearend       Foreigners visiting Turkey in 2020 falls by 71.7% to 12.7 million       Turkey’s private sector foreign debt is USD 173.9 billion as of 2020 yearend       Turkey’s economy grew by 1.8% in 2020       Foreign Direct Investment inflow to Turkey was USD 7.7 billion in 2020