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RRR Changes Follow Sustained Increase in Gross FX Reserves (1/2)

TURKEY
  • The CBRT's weekly reserves update showed gross FX reserve balances increasing to $79.3bln in the week to Sep 8. 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, and putting the balance sheet back to levels last seen in January. Meanwhile, total deposits in Turkey’s FX-protected deposit accounts fell for the third consecutive week (though Ekonomi’s banking sources note that they are not falling at levels desired by the CBRT).
  • Despite the rising reserves, data released earlier this week showed that the current account swung back to deficit in July having recorded its first surplus in almost two years in June. Some sell-side analysts have expressed concern with the data given that it does not pertain to the period in which oil prices began to rise – suggesting a further deterioration of the current account lies ahead.
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