Historic High in Gross Reserves: Turkish Finance Minister Mehmet Şimşek Announces Increase
Turkish Finance Minister Mehmet Şimşek has reported that the country’s gross reserves have reached a historic high of $146.2 billion as of June 7. In the same period, net reserves, excluding swaps, have risen to $6 billion.
Since the beginning of April, net reserves excluding swaps have surged by $71.5 billion. This period also saw a significant decline in the stock of Currency Protected Deposits (KKM). Compared to August 2023, the KKM stock decreased by 38.4%, falling to 1.3 trillion Turkish Lira. Concurrently, the share of Turkish Lira deposits within the total deposits increased by 16.8 points, while the shares of KKM and foreign currency deposits decreased by 12.9 points and 3.8 points respectively.
The increase in reserves has been attributed to both foreign capital inflows and reverse dollarization. Minister Şimşek stated, “By reducing vulnerabilities and strengthening macro-financial stability, we will attain sustainable price stability.”
Source: Ministry of Finance
#Turkey #FinancialNews #MehmetSimsek #GrossReserves #EconomicStability #TurkishEconomy #CurrencyProtectedDeposits #ReverseDollarization