The total reserves of the Turkish central bank surged approximately $2.8 billion (TL 96 billion) in a week to Sept. 20 to hit a new fresh high of $156.4 billion, official data showed on Thursday.
The gross foreign exchange reserves rose to $94.1 billion from $92.2 billion a week earlier, the data shared by the Central Bank of the Republic of Türkiye (CBRT) revealed.
The bank's gold reserves surged slightly from $61.4 billion to $62.3 billion in the same period, according to the bank's weekly report on banking and money statistics.
The central bank saw a relatively stable period and a rise in reserves since last year amid a shift in the macroeconomic policies. The bank, on several occasions, broke records in its total assets.
The data on Thursday also pointed to a positive momentum in net reserves, as they increased from $48.8 billion to $51.8 billion in the week to Sept. 20.
"Our gross reserves reached a historical high of $156.4 billion," Treasury and Finance Minister Mehmet Şimşek said in a post on X, shortly after the release of the data.
"Net reserves excluding swaps increased by $90.5 billion compared to May last year, reaching a 5.5-year high of $29.9 billion," he added.
The minister further said that "our reserve adequacy has exceeded the threshold level according to international definition," adding that thanks to the program implemented, "the reduced current account deficit and increased reserves reduce our risk premium while strengthening our financial stability."
Türkiye has seen a significant drop in risk premiums since last year, while all major international rating agencies have upgraded the credit rating of the country.
The Turkish central bank hiked its key policy rate by a total of 4,150 basis points between June 2023 and March this year in a bid to contain soaring inflation but has kept the rates on hold since. In its last committee meeting, it dropped the signal to potential further tightening, and many analysts anticipate the easing might begin in November.
The annual inflation rate dropped below 52% in August and is expected to fall further, with the latest data for September due next week.
Şimşek, earlier on Thursday, also said the issuance of 10-year U.S. dollar-denominated bonds worth $3.5 billion was completed.
"While we provided cash financing of $1.6 billion with the issuance, we also carried out liability management transactions for the first time in a long time. In this context, approximately $1.9 billion of principal repayment that was to be made by the end of 2025 was postponed to 2035," the minister said.
He said that these transactions "once again demonstrated the trust of international investors in our program."
Earlier this week, the minister pitched the economic policies and disinflation path to investors in the U.S., where he was as part of the United Nations General Assembly week.
Şimşek addressed the Goldman Sachs conference and has also met with senior officials from Standard & Poor's and Moody's, according to the information obtained by Anadolu Agency (AA).
