The Central Bank of the Republic of Türkiye (CBRT) has achieved a remarkable 15-week streak of uninterrupted growth in its reserves, according to reports by Anadolu Agency (AA). As of the week ending September 22, the CBRT’s total reserves exceeded $125 billion, marking an impressive increase of approximately $4 billion compared to the previous week, as per the bank’s weekly statistics.
Notably, the CBRT’s gross foreign exchange reserves experienced a substantial uptick during this period, surging by $3.75 billion to reach a total of $83.81 billion. Simultaneously, the bank’s gold reserves also witnessed a significant rise, increasing by $237 million, from $41.455 billion to $41.692 billion.
The overall reserves of the CBRT, standing at $121.5 billion in the prior week, soared to $125.5 billion by the week ending September 22. This represents a notable increase of $3.988 billion within a single week.
This impressive growth in reserves is particularly noteworthy, considering that they were at $98.5 billion at the end of May. The CBRT’s diligent efforts have led to a strong recovery of approximately $27 billion in reserves by September 22.
The 15-week streak of increasing reserves demonstrates the CBRT’s commitment to bolstering financial stability. Under the leadership of its first-ever female Governor, Hafize Gaye Erkan, the bank has adopted more conventional economic policies following the May presidential and legislative elections.
Governor Erkan has overseen a series of rate hikes, raising the benchmark one-week repo rate by 2,150 basis points to 30% over the past four months. The bank has pledged to continue this gradual tightening approach to ensure a downward trajectory in disinflation, expected to occur in 2024.
