Turkish Central Bank's net forex reserves likely in deficit for first time since 2002

Turkish Central Bank's net forex reserves likely in deficit for first time since 2002
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According to calculations made by five banking experts who spoke to Reuters, the Central Bank witnessed a substantial decrease of 3.5 billion dollars in its total foreign exchange reserves last week.

Experts in the banking sector in Turkey said that the net foreign exchange reserves of the Central Bank are most likely in deficit for the first time since the recording of data began in 2002.

Five banking experts speaking to Reuters calculated that the Central Bank’s total foreign exchange reserves experienced a significant decline of 3.5 billion dollars last week, bringing the total reserves down to an estimated 101.5 billion dollars.

This comes after a sharp decrease of 9 billion dollars in the week leading up to the May 14 elections. The calculations indicate a worrying trend for the country's financial stability, raising concerns among economists and policymakers.

The Central Bank’s weekly data release on Thursday will provide further insights into the situation, shedding light on the current state of Turkey's foreign exchange reserves.