While the exchange rates continued to rise after the election, the policies of the new economy management began to be reflected in the data. Speaking to Reuters, four officials stated that the net reserves of the Central Bank of the Republic of Turkey increased substantially in a short time before the Eid al-Adha.
According to an unofficial calculation made by bankers, the net reserve of the Central Bank increased by $8.5 billion last week. The net reserve, which reached a total of $9 billion, fell to negative levels before the election. As of June 23, the CBRT’s gross reserves increased by 4.5 billion dollars and reached approximately 108 billion dollars.
The social media phenomenon five hundred and seven, which is closely followed by investors, shared a similar figure last weekend.
If unofficial calculations turn out to be correct, today’s reserve increase is historically important. The net reserve, which the CBRT increased the most in a week, was recorded as $8.2 billion in February 2002.
According to the official figures released last Thursday, the CBRT’s net foreign exchange position hovers around $0.5 billion. The Central Bank will announce the next official figure on 7 July 2023 due to the Eid holiday.
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