CBRT battles external imbalance with dwindling reserves

The Central Bank of the Republic of Turkey
Photo: CBRT

The Central Bank of the Republic of Turkey lost a symbolic battle on May 1, when the lira exchange rate ticked above 7 to the US dollar.

Today (May 5), the currency hit 7.09 to the US dollar in trading, in a sign the CBRT may be fighting a losing battle, having kept the exchange rate just below 7 for more than a week. Its capacity to defend the currency is hampered by its dwindling pool of reserves, set against investors’ fears over large external debts and a widening current account deficit.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: