Turkey cenbank’s net forex reserves negative for first time since 2002

ANKARA (Reuters) – The Turkish central bank’s net forex reserves dropped into negative territory for the first time since 2002, standing at $-151.3 million on May 19, official data showed on Thursday, as it sought to counter forex demand ahead of Sunday’s runoff vote.

President Tayyip Erdogan led rival Kemal Kilicdaroglu comfortably in the presidential vote on May 14 but he fell just shy of the 50% needed to win outright. The outcome will be decided in a May 28 runoff.

Forex demand in Turkey surged to record levels ahead of May 14 on companies’ and individuals’ expectations that the lira, which lost 44% in 2021 and 30% in 2022, will plunge after the vote.

The central bank’s forex reserves have sagged in recent years due to costly market interventions and other efforts to cool forex demand.

The bank’s net reserves dropped by $2.48 billion in the week to May 19, to their lowest level since February 2002. They have dropped $27.7 billion since the end of 2022.

The exchange rate used by Reuters on Thursday was 19.7607. The net forex reserves are pushed deeper into negative territory once outstanding swaps, which stood at $33.50 billion on Wednesday, are deducted.

In the first five weeks of 2002, net reserves were in negative territory, according to official data that goes back to the beginning of that year.

Date Net international Net international

reserves(mln lira) reserves (mln USD)

19-05-2023 -2,989 -151

12-05-2023 45,455 2,325

05-05-2023 131,982 6,781

28-04-2023 123,478 6,361

21-04-2023 160,742 8,294

14-04-2023 232,594 12,047

07-04-2023 264,885 13,770

31-03-2023 353,626 18,470

24-03-2023 360,025 18,926

17-03-2023 379,267 19,987

10-03-2023 353,057 18,618

03-03-2023 390,262 20,685

24-02-2023 380,790 20,196

17-02-2023 402,962 21,398

10-02-2023 459,698 24,438

03-02-2023 509,094 27,090

27-01-2023 484,844 25,810

20-01-2023 501,579 26,716

13-01-2023 466,890 24,886

06-01-2023 455,489 24,307

30-12-2022 514,984 27,544

23-12-2022 497,410 26,668

16-12-2022 523,937 28,130

09-12-2022 498,206 26,756

430,273 23,118

02-12-2022

25-11-2022 362,915 19,507

18-11-2022 348,590 18,746

11-11-2022 338,707 18,230

04-11-2022 270,255 14,532

28-10-2022 249,925 13,446

21-10-2022 214,663 11,560

14-10-2022 261,478 14,084

07-10-2022 230,886 12,441

30-09-2022 179,900 9,722

23-09-2022 177,303 9,667

16-09-2022 220,557 12,090

09-09-2022 256,621 14,085

02-09-2022 256,040 14,083

26-08-2022 228,983 12,618

19-08-2022 249,442 13,882

12-08-2022 281,262 15,682

05-08-2022 211,824 11,811

29-07-2022 163,261 9,118

22-07-2022 118,105 6,700

15-07-2022 110,970 6,356

104,818 6,073

08-07-2022

01-07-2022 125,185 7,514

24-06-2022 130,637 7,531

17-06-2022 127,601 7,381

10-06-2022 140,203 8,152

03-06-2022 172,885 10,517

27-05-2022 199,511 12,189

20-05-2022 152,223 9,561

13-05-2022 176,994 11,529

06-05-2022 222,391 14,995

29-04-2022 251,397 17,010

22-04-2022 251,640 17,165

15-04-2022 279,135 19,128

08-04-2022 269,590 18,303

01-04-2022 240,065 16,401

25-03-2022 236,508 15,955

18-03-2022 252,309 17,199

11-03-2022 233,847 15,861

04-03-2022 256,101 18,148

25-02-2022 258,873 18,119

18-02-2022 269,383 19,802

11-02-2022 214,035 15,817

04-02-2022 221,360 16,331

28-01-2022 143,166 10,532

21-01-2022 124,610 9,269

14-01-2022 102,192 7,547

07-01-2022 108,359 7,947

31-12-2021 108,219 8,339

118,321 15,530

25-12-2020

27-12-2019 243,910 41,130

28-12-2018 159,352 30,130

Note: The figures are released every week on the central bank balance sheet as per a letter of intent with the International Monetary Fund dated 18 January 2002. The figures are released in Turkish liras and are converted by Reuters to U.S. dollars using the central bank’s official exchange rate from the previous work day.

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