Uzbekistan’s 1Q gold exports jump to $3.6bn as world prices hit record levels
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The Turkish central bank's gross foreign exchange reserves declined by another 4% w/w to $66.3bn as of September 21, marking the lowest level seen since July 2009, the central bank said on September 27.
The 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 that the national lender's gold reserves declined by 4% w/w from $18.7bn as of September 14 to $17.8bn as of September 21, the lowest level recorded since May 2017.
Commercial lenders in Turkey pulled as much as $4.5bn worth of gold reserves from mid-June in an apparent effort to avert a liquidity crisis amid the plunge of the Turkish lira (TRY), Central Bank of the Republic of Turkey and Bloomberg data showed on September 14.
The gold reserves were at a record high of $25.72bn as of March 23. They stood at $14.05bn at end-2016 and at $23.5bn at end-2017.
Consequently, total gross international reserves, including gold and FX reserves, edged down by 4% w/w from $87.6bn as of September 14 to $84.2bn as of September 21, the lowest level seen since December 2010.
The total gross international reserves stood at $107.7bn at end-2017. They stood at $106bn by the end of 2016 compared to $111bn at the end of 2015.
Moody's Investors Service has lowered Turkey's country ceiling for long-term foreign currency bank deposits to B2 from B1, the rating agency said on September 24.
Moody's decision to lower the foreign currency deposit ceiling reflected the rating agency's view that the risk of the government intervening to prevent the withdrawal of foreign currency-denominated deposits in order to conserve Turkey's foreign currency reserves had risen. That in turn reflected recent and prospective pressure on those reserves, the large overall value of foreign currency deposits in the banking system relative to those reserves and the recent steep currency depreciation.
Turkey's central bank reserves remain very low by comparison to foreign currency debt payments falling due over the next year, in particular from the banks and non-financial private sector companies, and continue to shrink. Moody's expects this negative trajectory to continue in the months ahead in view of the large external debt repayments coming due.
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