© Reuters. A money changer counts U.S. dollar banknotes at a currency exchange office in Ankara, Turkey November 11, 2021. REUTERS/Cagla Gurdogan
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.
This story originally appeared on Investing
