Total reserves of the Turkish central bank are estimated to have increased by $4.3 billion (TL 188.02 billion) last week to $212 billion, driven in part by a $2 billion gain linked to higher gold prices, according to bankers.
The reserves had fallen by nearly $10.7 billion in the week ending on Feb. 6 to $207.5 billion after reaching an all-time high of around $218.2 billion in the prior week.
Three bankers consulted by Reuters calculated that net reserves of the Central Bank of the Republic of Türkiye (CBRT) increased by $5 billion to $96 billion in the week ending Feb. 13.
Bankers estimated that the increase in gold prices in the week to Feb. 13 had an upward impact of nearly $2 billion on reserves. According to the calculations, the central bank bought $2 billion from the market last week.
Gold prices fell to a more than one-week low on Tuesday, pressured by a stronger U.S. dollar as investors tracked cues on geopolitics and the Federal Reserve's (Fed) monetary policy.
The reserve calculations are based on preliminary data from the central bank. Official data will be released on Thursday.
The CBRT, despite temporary fluctuations, has been steadily building its reserves since a shift to more conventional economic policies in the middle of 2023.
A new program last month showed the bank plans to increase its international reserves as long as market conditions allow.
