Turkish cenbank net reserves rose some $1 billion last week, bankers say

ANKARA: The Turkish Central Bank‘s net reserves rose around $1 billion last week, bankers said on Tuesday, with recent declines halting after last month’s interest rate hike.
According to four bankers’ calculations, net reserves climbed $0.8-1 billion in the week to March 29 from $15.21 billion a week earlier to reach more than $16 billion.
Turkey’s central bank unexpectedly hiked interest rates by 500 basis points to 50% on March 21, citing a deteriorating inflation outlook and pledging to tighten even further if it expects the price situation to worsen significantly.
Net reserves peaked at $40.09 billion on Dec. 22, their highest level since January 2020. According to bankers’ calculations, the central bank’s total reserves were little changed last week from the previous week’s $123.84 billion.
Their calculations showed that net reserves excluding swaps were flat at around minus $65 billion.
Bankers calculate the data from the central bank balance sheet and leading sector data. Official data will be announced at 1130 GMT on Thursday. The central bank did not comment on the issue.

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