Turkey’s central bank headquarters is seen in Ankara in this January 24, 2014 photo. Foreign-exchange reserves held by Turkey’s central bank fell to the lowest since August 2012, after the regulator rolled out a series of extraordinary measures to boost the lira, Bloomberg reported. Gross FX reserves fell by $3.7bn to $89bn in the week to February 17, according to central bank data published yesterday. That’s the biggest decline in three months, according to data compiled by Bloomberg. Gold reserves remained steady at $16.3bn, bringing gross reserves to $105.4bn from $109.1bn, according to the data. The drop is largely due to the bank’s foreign-exchange sales to the Treasury, which uses
currency bought from the bank to repay sovereign debt,
according to Inanc Sozer, managing director of Turkey Macro View Consulting.
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