The Central Bank of the Republic of Turkey (CBRT) has announced its official reserves totaled $90.9 billion (TL 623 billion) as of the end of May.
Total reserve assets soared 5.3% this May, versus $86.3 billion in April, the bank's international reserves and foreign currency liquidity report showed Wednesday.
Foreign currency reserves – in convertible foreign currencies – totaled some $52.8 billion, up 5.4% on a monthly basis. In May, the bank's gold reserves – including gold deposits and if appropriate, gold swapped – also rose 5.4% over the previous month to $36.7 billion.
Meanwhile, the bank's official reserves fell slightly 1.3% year-on-year, down from $95.6 billion at the end of May 2019.
In December 2013, its total reserves hit its all-time peak at nearly $136 billion, including some $21 billion in gold reserves.
Short-term predetermined net drains of the central government and the Central Bank – foreign currency loans, securities and foreign exchange deposit accounts of residents abroad within the bank – dropped 0.2% in May, staying at $22.2 billion, according to the report.
It said $17.2 billion of this amount was principal repayments and $5 billion was interest repayments.
The contingent short-term net drains on foreign currency totaled $27.6 billion in May, going down 8.5% from the previous month.
According to the bank's definition, the contingent short-term net drains on foreign currency consist of "collateral guarantees on debt due within one year" and "other contingent liabilities," which are the banking sector's required reserves in blocked accounts in foreign currency and gold and the letters of credit items on the central bank's balance sheet.
