The Turkish central bank's gross foreign exchange reserves declined from $84.7bn as of March 30 to $83.1bn as of April 6, the lowest level recorded since June 2012, the central bank said on April 12.

The Turkish lira (TRY) saw some recovery on April 12 after hitting an all-time low of 4.1944 against the USD on April 11 thanks to mounting expectations of a rate hike from the central bank at its next monetary policy committee (MPC) meeting on April 25. The TRY was trading at 4.0936 against the USD as of 16:00 local time, down 1.02% d/d.

The currency has lost 8% against the USD since the beginning of the year.

Gross FX reserves stood at $90.6bn as of March 9, and declined by $787mn in the week to March 16,  by a further $1.49bn in the week to March 23, and by an additional $3.6bn in the week to March 30 and finally by $1.62bn in the week to April 6.

Net FX reserves also declined by $2.6bn w/w to $26.7bn as of April 6, the lowest level since 2005.

Gross FX reserves stood at $92.9bn at end-2015, at $92.05bn by end-2016 and $84.1bn at end-2017.

The latest data also showed the central's bank's gold reserves slightly increased from $25.345bn as of March 30 to $25.348bn as of April 6.

Gold reserves saw a record high of $25.72bn as of March 23.

Gold reserves stood at $14.05bn at end-2016 and at $23.5bn at end-2017.

Since the beginning of 2018, gold reserves rose by $9.5bn while gross FX reserves declined by $8bn.

Consequently, total gross international reserves, including gold and FX reserves, declined from $110bn as of March 30 to $108.4bn as of April 6.

Total reserves stood at $114.9bn as of March 16.

Total gross reserves stood at $107.7bn at end-2017. Gross international reserves fell to $106bn by the end of 2016 from $111bn at the end of 2015.