FOREIGN EXCHANGE SALES BY PUBLIC BANKS APPROACHES USD 3BN

After the decision by the Banking Regulation and Supervision Agency, which aims to stop the depreciation of the Turkish Lira and to reduce loans, intensive foreign exchange sales were carried out by the Central Bank and public banks. Foreign exchange sales, which started with the announcement of the decision on last Friday and tried to meet individual and corporate demand this week, reached USD 2-3bn, according to the banking sources.

The Central Bank, on the other hand, announced the international net reserve data for the week ending on June 24. Net international reserves, which fell to the lowest level of 20 years at USD 7.380m in the week of 17 June, remained at a 20-year bottom with USD 7.531m in the week of 24 June. Analysts expect the loss in net international reserves to continue due to foreign exchange sales this week. The public’s foreign exchange sales continued due to individual demand, approaching

USD 1bn on Monday. Corporate demand rose on Tuesday, banking sources said. Saying that this was surprising, they say that the public continued sales to meet this demand.