UPDATE – Turkey Central Bank reserves rising steadily: Governor

UPDATES WITH OFFICIAL RESERVES FIGURES</p> <p>By Muhammed Ali Gurtas</p> <p>ANKARA (AA) – The Central Bank of Turkey aims to reinforce and effectively manage the country’s reserves, consistent with a steady rise, the bank's governor said Thursday.</p> <p>In an exclusive interview with Anadolu Agency, Murat Cetinkaya said the bank continues to decisively implement its reserve-building policy.</p> <p>&quot;Although reserves may fluctuate due to periodic factors, there has been a consistent uptrend in reserves in the medium term,&quot; Cetinkaya said.</p> <p>&quot;Over the last week, our gross reserves have increased across all items by $4.3 billion and by March 27 reached $96.7 billion.</p> <p>&quot;During the same period, our net reserves also rose $2.4 billion to $28.6 billion,&quot; he added.</p> <p>Early Thursday, the bank reported that its official reserves reached $100.1 billion as of the end of February.</p> <p>Total reserve assets climbed 3.4 percent in February, up from $96.7 billion at the end of January.</p> <p>Foreign currency reserves amounted to $77.6 billion in convertible foreign currencies, rising 3.7 percent over the same period.</p> <p>Gold reserves surged 2.8 percent to $21 billion including gold deposits and, if appropriate, gold swapped.</p> <p>On a yearly basis, the bank's official reserves posted a 12.6 percent fall, as at the end of February 2018 the amount was $114.5 billion.</p> <p>In December 2013, the bank's total reserves hit all-time peak of nearly $136 billion, including some $21 billion in gold reserves.</p> <p>Thursday's report also said short-term predetermined net drains of the central government and the bank climbed 5.6 percent on a monthly basis, reaching $13.7 billion in February.</p> <p>&quot;Of this amount, $9.1 billion belongs to principal repayments and $4.6 billion to interest repayments.</p> <p>&quot;Regarding the maturity breakdown of the principal and interest payments, $2.7 billion is due in one month, $2.5 billion in 2-3 months, $8.5 billion in 4-12 months,&quot; the bank said.</p> <p>In February, contingent short-term net drains on foreign currency were $31.8 billion, a 4.1 percent decline month-on-month.</p> <p>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,&quot; 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.</p> <p><br>

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