Data revealed today, Thursday, that the net foreign reserves of the Turkish Central Bank declined by 42.5% to 12.16 billion dollars as of December 17, compared to 21.17 billion a week ago, reflecting the recent interventions made in the market.
The exchange rate used by Reuters today, Thursday, was 15.2118 pounds.
The central bank announced 5 direct market interventions this month to limit the currency’s collapse, which bankers say has cost a total of between 6 and 10 billion dollars. The bank did not issue any notice of the intervention this week.
Net foreign reserves plunged to less than $10 billion in April before gradually accelerating for most of the year. But it faced pressure again after a series of central bank interventions in the market that began last week to counter the price crisis after the lira fell for weeks.