Turkey’s Net Reserves Hit Highest Level Since Early April, Rising to $39.9 Billion
CBRT FX reserves
The Central Bank of the Republic of Türkiye (CBRT) has reported a continued increase in international reserves, with net reserves climbing by $2.4 billion in the week ending May 16, reaching $39.99 billion—the highest level since early April.
This marks the second consecutive week of reserve accumulation, underlining the CBRT’s renewed momentum in external buffer rebuilding, following the drawdowns experienced in March.
Key Reserve Indicators (as of May 16, 2025):
| Metric | Value | Weekly Change |
|---|---|---|
| Net Reserves | $39.99 billion | +$2.4 billion |
| Gross Reserves | $145.66 billion | +0.9% |
| → FX Reserves | $57.8 billion | +7.8% |
| → Gold Reserves | $80.3 billion | –3.4% |
| IMF SDR + Reserve Position | $7.7 billion | –0.2% |
Two-Week Momentum: $7.2 Billion Reserve Gain
In the last two weeks, Türkiye’s net international reserves surged by a total of $7.2 billion, signaling a strong rebound from the March lows. This rise coincides with increased foreign capital inflows and improved access to external financing channels, including syndications, swap agreements, and Eurobond issuances.
CBRT’s Reserve Strategy in Focus
The growth in FX reserves, despite a modest decline in gold holdings, reflects CBRT’s ongoing efforts to diversify and strengthen its liquidity buffer amid global monetary tightening and geopolitical uncertainty.
This positive trend may also be supported by:
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Stronger foreign investor participation in local markets
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Net FX purchases from the market
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Decreasing FX demand from domestic depositors, as seen in recent dollarization data
Reserve Accumulation to Continue
The upward trajectory in net reserves reinforces confidence in Türkiye’s external balance sheet resilience, especially as the country continues its tight monetary policy stance aimed at reducing inflation and stabilizing the Turkish lira.
If CBRT sustains this pace, net reserves could approach $45 billion by early summer, further boosting the central bank’s credibility ahead of any potential monetary policy recalibrations in H2 2025.
