Turkish central bank reserves reach $91B in November

ANADOLU AGENCY
ISTANBUL
Published 28.12.2018 23:40
Updated 29.12.2018 08:00

The Turkish Central Bank on Friday announced its official reserves amounted to $91 billion as of Nov. 30 this year.

Total reserve assets jumped 5.6 percent in November, versus $86.2 billion at the end of October, the bank's international reserves and foreign currency liquidity report showed.

Foreign currency reserves - in convertible foreign currencies - totaled $70.2 billion, up 6.1 percent compared to the previous month.

In November, the bank's gold reserves, including gold deposits and, if appropriate, gold swapped, also rose by 4.4 percent on a monthly basis to $19.3 billion.

Meanwhile, the bank's official reserves decreased by 20.86 percent year-on-year, down from $115 billion at the end of November 2017.

In mid-December 2013, its total reserves hit their 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 in the bank - recorded a 12.8-percent monthly hike in November, reaching $12.9 billion, the bank's report said. A total of $8.8 billion of this was principal repayments, and $4.1 billion was interest repayments, it added.

"Regarding the maturity breakdown of the principal and interest payments, $0.8 billion is due in one month, $0.8 billion in 2-3 months, $11.3 billion in 4-12 months," the bank said.

It also said that contingent short-term net drains on foreign currency totaled $29.7 billion in November, a 6.5 percent increase from the previous month. According to the bank's definition, 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 letters of credit items on the central bank's balance sheet.

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