The Turkish lira suffered another sharp depreciation today (March 28), as official data showed Turkey’s foreign currency reserves are falling.
The Central Bank of the Republic of Turkey (CBRT) today released data showing foreign exchange reserves have declined by 8% between March 1 and March 22. According to February’s report, reserves stood at $77,623 billion at the end of February. According to today’s weekly update, they had dropped to $71,395 billion on March 22.
Following the release, the