Turkey’s central bank reserves drop to four-month low

Turkey’s central bank reported gross foreign exchange reserves fell by approximately $3 billion to $56.09 billion in the week ending October 30, marking the lowest level since the week ending June 26, according to central bank data released on Thursday.

The decline represents the third consecutive week of falling gross reserves, which have decreased nearly 25% from the week ending January 2.

Net international reserves also declined to $38.01 billion in the week ending October 30, the lowest level since March 27. The figure compares with $42.87 billion in the week ending October 23.

Net reserves have fallen by about 29% from $53.8 billion recorded in the week ending October 2, continuing a downward trend that has persisted for three straight weeks.