ANKARA: According to the Central Bank’s statistics, reserves decreased by $7.6 billion to $120.7 billion in March. Turkey’s Central Bank reserves decreased by $7.6 billion to $120.7 billion in March compared with $128.4 billion in February of the year.
According to the Central Bank’s statistics released, its gross foreign exchange reserves were down by $7.2 billion to $99.7 billion in March from $107 billion in February.
The bank’s gold reserves also decreased to $19.5 billion from $19.8 billion. The country’s International Monetary Fund reserve position also stood at $156 million in March.
Turkey’s economy is dependent on the dollar-for-dollar pegged transactions and private sector foreign loans, which is currently over $150 billion.
Meanwhile, the Turkish lira dropped to its lowest rate, 2.742, against the U.S. dollar on April 24, as the euro gained excessively. The euro rose to over 2.90 Turkish liras.
