Turkish Central Bank reserves hit record high

The Turkish Central Bank's official reserve assets hit an all-time high of $148.4 billion as of July 5, according to weekly figures released on Thursday. The gross reserves rose from $142.9 billion the previous week, the bank's international reserves and foreign currency liquidity report showed. Foreign currency reserves - in convertible foreign currencies - totaled at $89.7 billion as of last Friday, up from $84.8 billion a week earlier. The bank's gold reserves - including gold deposits and, if appropriate, gold-swapped - grew by $600 million to $58.7 billion on July 5. "Our reserves continue to strengthen and our reserve adequacy continues to improve," Trkiye's Treasury and Finance Minister Mehmet Simsek said on X. Gross reserves increased $50 billion compared to last May, Simsek said. Trkiye's net reserves, excluding swaps, amounted to $18.1 billion as of July 5, shifting from minus $60.5 billion in the same period, he noted. This upward trend in reserves is strengthening financial stability, thus significantly contributing to the disinflation process, Simsek stressed. Source: Anadolu Agency