Treasury and Finance Minister Mehmet Şimşek announced that Turkey’s gross reserves have risen to $146.2 billion as of June 7, while net reserves excluding swaps have reached $6 billion. He highlighted that since the beginning of April, the increase in net reserves excluding swaps has totaled $71.5 billion.
Additionally, Şimşek reported a significant decline in the stock of the Currency Protected Deposit (KKM) by 38.4% compared to August 2023, falling to 1.3 trillion TL. He noted an increase in the share of Turkish Lira deposits by 16.8 points within the total deposits, while the share of KKM decreased by 12.9 points and the share of foreign currency deposits dropped by 3.8 points.
Şimşek emphasized that the rise in reserves was facilitated by the inflow of external resources as well as the reverse dollarization process. He stated, “By reducing vulnerabilities and strengthening our macro-financial stability, we will receive substantial support in achieving our goal of permanent price stability.”
Source: Statement by Mehmet Şimşek.