Turkey's reserves hit record high

The Turkish central bank announced on Thursday that its foreign currency reserves had reached a new record level of $118bn on July 6.

A week earlier its total gross reserves, comprised of foreign currency plus gold, stood at US $117.1bn.

Of that sum, $47.8bn was from privately held companies, including commercial banks, with the central bank holding the rest.

During June Turkey repaid $755m in foreign debt, bringing total repayments since the beginning of this year to $10.4bn.

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