By Muhammed Ali Gurtas
ANKARA (AA) – The official reserves of the Central Bank of Turkey (CBRT) totaled $96.3 billion as of the end of March, the bank reported Friday.
Last month, total reserve assets posted a 3.8% decline, down from $100.1 billion at the end of February.
Foreign currency reserves amounted to $74 billion in convertible foreign currencies, falling 4.8% over the same period.
Gold reserves dropped 0.7% to $20.8 billion including gold deposits and, if appropriate, gold swapped.
On a yearly basis, official reserves of the CBRT dropped 12.7%, as the amount was $110.3 billion at the end of March 2018.
In mid-December 2013, the bank's total reserves hit all-time peak at nearly $136 billion, including some $21 billion in gold reserves.
- Liability side
Friday's report also said short-term predetermined net drains of the central government and the CBRT climbed 70% month-on-month to $25.2 billion in March.
“Of this amount, $12.1 billion belongs to foreign currency loans, securities, foreign exchange deposit accounts of foreign banks and residents abroad within the CBRT.
“Specifically $7.4 billion in principal repayments and $4.7 billion in interest repayments, ” the bank said.
It also said liabilities arising from the CBRT’s financial derivatives activities were $13.1 billion, of which $9.6 billion is due in one month while $3.5 billion in 4-12 months.
In March, contingent short-term net drains on foreign currency were $31.2 billion, falling 2% on a monthly basis.
According to the bank's definition, the contingent short-term net drains on foreign currency consist of “collateral guarantees on debt due within one year” and “other contingent liabilities, ” which are the banking sector’s required reserves in blocked accounts in foreign currency and gold, and the letters of credit items on the Central Bank’s balance sheet.
