Turkish cenbank's net FX reserves drop to $26.67 bln

Shafaq News/ The Turkish central bank's net international reserves fell some $1.46 billion to $26.67 billion in the week to Dec. 23, declining from its highest level this year, central bank data showed on Thursday.

The exchange rate used by Reuters on Thursday was 18.6522. In July, the net forex reserves dropped to $6.07 billion, their lowest in at least 20 years, but since rebounded.

They have risen sharply since Sept. 30, when they stood at $9.7 billion.

Forex reserves have dropped sharply in recent years due to market interventions and in the wake of a currency crisis in December. The lira lost 44% of its value against dollar last year.

The currency is down some 30% against the greenback this year and inflation is still hovering around its highest in 24 years.

The net forex reserves are still in negative territory once outstanding swaps, which stood at $46.22 billion on Wednesday, are deducted.