The Central Bank of the Republic of Turkey's (CBRT) reserves decreased by $7.6 billion to $120.7 billion in March from $128.4 billion in February. According to the CBRT's statistics released yesterday, its gross foreign exchange reserves were down by $7.2 billion to $99.7 billion in March from $107 billion in February. The bank's gold reserves also decreased to $19.5 billion from $19.8 billion. The country's International Monetary Fund (IMF) reserve position also stood at $156 million in March. The economy is dependent on the dollar-for-dollar pegged transactions and private sector foreign loans, which currently amount to more than $150 billion. Meanwhile, the Turkish lira dropped to its lowest rate, 2.742, against the dollar on April 24, as the euro gained excessively. The euro rose to more than 2.90 Turkish liras.