Turkey’s central bank reserves seen climbing to $183bn record

Image: Getty Images

The Turkish Central Bank’s gross total reserves are expected to rise by $4bn to a record $183bn as of last week, according to the calculations of four bankers.

Earlier this month, traders said the central bank had again started bolstering its foreign exchange stockpile after selling nearly $10bn in two weeks to curb a downturn in the lira, stocks and bonds due to renewed political risks.

The bankers said the central bank’s net reserves were also expected to increase by $2.5bn to $73bn, while its net reserves excluding swaps were expected to increase by $4bn to $57bn.

The central bank bought around $2.5bn last week after its earlier sale, they added. On Thursday the bank will announce its reserve levels for last week.

The central bank did not immediately comment on the reserves calculations.