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Turkish lira stumbles 5% on dropping C.bank reserves

Turkish lira stumbles 5% on dropping C.bank reserves

Mubasher: Turkish lira (TRY) dropped more than 5% on Thursday after data released from the central bank showed that foreign reserves fell by nearly $10 billion in three weeks.

At 9:21 am GMT, the lira was trading against the US dollar at TRY 5.52, dropping 3.6%.

The Central Bank of the Republic of Turkey (CBRT) saw its net foreign exchange (FX) reserves falling to $24.9 billion in the week ended 22 March, according to Bloomberg News.

Over the two weeks to 15 March, the nation’s foreign currency reserves plunged by $6.3 billion to $28.5 billion.

The Turkish currency swung between gains and losses this week, having fallen more than 4% last Friday.

Last week’s drop prompted the CBRT to suspend its benchmark rate of 24% and to fund banks at higher interest rates to help protect the lira.

By 12:29 pm GMT, the USD/TRY pair climbed 5.01% to TRY 5.5960.