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Official FX Reserve Balance Continues to Improve, Allaying Investor Concerns (1/2)

TURKEY
  • The CBRT's weekly reserves update shows the gross FX reserves balance increased by $873mln to $75.1bln in the week to Aug 11. Reserves have been steadily increasing since the beginning of May and have erased the sharp drawdown across Q1 and Q2, covering both the February earthquake and the lead-up to the Presidential elections.
  • The subsequent shoring of reserves under the new CBRT/Treasury administrations have put the balance back to levels last seen in February - allaying investor concerns of dwindling policy options at the CBRT. Rising reserves coincide with the improvement in the current account balance, which swung to the first surplus since late '21 in June.
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