Türkiye's Central Bank sees major growth in reserves

Türkiye's Central Bank reserves experienced a notable boost, rising by $5.66 billion during just one week, bringing the total reserves to $173.15 billion.

The country's net reserves, excluding swaps, reached a record high of $71.5 billion, marking a significant milestone in Türkiye's financial stability, Caliber.Az reports via Turkish media. 

The Central Bank of Türkiye published its weekly monetary and banking statistics, revealing that as of February 14, gross foreign exchange reserves had grown by $3.75 billion, reaching $100.68 billion. This compares to $96.93 billion in gross reserves on February 7.

In addition, Türkiye's gold and foreign exchange reserves saw an increase of $1.91 billion, rising from $70.56 billion to $72.48 billion. In summary, the Central Bank's total reserves surged by $5.66 billion during the week of February 14, an increase from the previous week’s total of $167.49 billion. Meanwhile, net reserves excluding all obligations achieved a new record of $71.5 billion. 

Türkiye's Central Bank is the primary institution responsible for managing the country’s monetary policy, financial stability, and currency issuance. Established in 1930, the bank plays a critical role in shaping the country’s economic landscape, controlling inflation, regulating interest rates, and managing foreign exchange reserves. 

The bank is also tasked with stabilizing the Turkish lira and ensuring the smooth functioning of the financial system. In recent years, the bank has faced numerous challenges, including high inflation and fluctuating exchange rates, while also implementing significant policies aimed at boosting economic growth and maintaining stability. 

As of today, it remains a key player in Türkiye's economic and financial systems, with a growing focus on strengthening its foreign exchange and gold reserves to protect the economy from external shocks.

By Naila Huseynova