S&P Global said in a report released on October 21 that the Turkish central bank's net reserves have partially recovered from a low level in mid-2026, but it still believes that its reserves are weak. By the beginning of October, reserves had recovered to $167.4 billion, but they were still about a quarter lower than the pre-war peak of $218 billion. Gold accounts for about 65% of total reserves, and fluctuations in gold prices will drive simultaneous changes in the size of reserves. According to S&P Global estimates, the central bank's usable reserves are only slightly higher than two months' current account payments, and the scale is limited. The policy interest rate is expected to be 28% at the end of 2027, and the lira exchange rate against the US dollar is 55.
Zhitongcaijing · 2d ago
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S&P Global said in a report released on October 21 that the Turkish central bank's net reserves have partially recovered from a low level in mid-2026, but it still believes that its reserves are weak. By the beginning of October, reserves had recovered to $167.4 billion, but they were still about a quarter lower than the pre-war peak of $218 billion. Gold accounts for about 65% of total reserves, and fluctuations in gold prices will drive simultaneous changes in the size of reserves. According to S&P Global estimates, the central bank's usable reserves are only slightly higher than two months' current account payments, and the scale is limited. The policy interest rate is expected to be 28% at the end of 2027, and the lira exchange rate against the US dollar is 55.
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