Turkish reserves see rapid recovery, says finance minister

The Turkish Central Bank's net reserves rose rapidly by $14.2 billion from May 26 to the end of June, the Treasury and finance minister said on July 11.

This rapid jump in reserves seen recently is encouraging, Mehmet Simsek tweeted, Anadolu reports.

Programımızın önemli bir hedefi de piyasa koşulları elverdiği ölçüde uluslararası rezerv birikimini sağlamaktır.

26 Mayıs’ta 98.5 milyar dolar olan Merkez Bankası rezervleri, 30 Haziran’da 108.6 milyar dolar seviyesine çıkmıştır. Aynı dönemde net rezervler ise 14.2 milyar dolar…

— Mehmet Simsek (@memetsimsek) July 11, 2023

The bank's gross reserves also climbed from $98.5 billion to $108.6 billion.

The new economic team’s program aims to accumulate international reserves as far as market conditions allow, he said.

Simsek noted that in addition to the rational policies meant to boost the reserves, the country's efforts to provide additional foreign resources continue at full speed.

"We will continue to take the necessary steps to continue the (economic) recovery," he stressed.

After President Recep Tayyip Erdogan announced his new Cabinet on June 3, Simsek told a handover ceremony: "Türkiye has no choice but to return to a rational ground.

"Our main policy will be to support our Central Bank in the fight against inflation through fiscal policy and structural reforms."

After Simsek's appointment, last month the Turkish Central Bank got its new governor, Hafize Gaye Erkan.

This week Simsek and Erkan are set to make their first foreign visit together, visiting Saudi Arabia on July 12 to meet with officials and investors.