Turkey to Increase Foreign Exchange Reserves, Says Finance Minister
Turkish Finance Minister Mehmet Simsek said Tuesday that Turkey will step up its efforts to increase foreign exchange reserves at the central bank, noting that the bank\’s net international reserves rose last week to a record high of $8.5 billion.
Intensifying Efforts for Additional External Resources
“The return to traditional politics will continue gradually. We will intensify our efforts to obtain additional external resources for our country in order to further increase reserves,” Simsek wrote on Twitter.
Biggest Weekly Increase in Net International Reserves
Earlier, four bankers said today, Tuesday, that the Turkish Central Bank\’s net international reserves rose by about $8.5 billion last week to almost $9 billion, the biggest weekly increase ever, with the cessation of foreign exchange market intervention and fall of the lyre.
Estimated Total Reserves
Bankers estimate that the bank\’s total reserves rose by about $4.5 billion to $107.5 billion as of June 23.
Range of Estimates for Net and Total Reserves
Estimates for increases in net reserves range from $8.2 billion to $8.8 billion, while estimates for total reserves range from $4.3 billion to $4.8 billion.
Largest Weekly Increase in Net International Reserves Since 2002
The bank last recorded the largest weekly increase in net international reserves so far in February 2002, which amounted to $8.2 billion.
In summary, Turkey’s Finance Minister Mehmet Simsek has announced that the country will increase its efforts to increase foreign exchange reserves at the central bank. The bank’s net international reserves have already risen to a record high of $8.5 billion, with the biggest weekly increase ever. Bankers estimate that the total reserves of the bank have risen by about $4.5 billion to $107.5 billion as of June 23. The bank last recorded the largest weekly increase in net international reserves in February 2002.
