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Former Central Bank Chief Economist Kara explained graphically: ‘The biggest reserve sale!’

Former Central Bank Chief Economist Prof. Dr. Hakan Kara shared the Central Bank’s 2019 January – 2021 December reserve sales chart on his social media account. In his land sharing, he drew attention to the reserve sales that took place last December. In the chart he shared, it was seen that the previous highest reserve sale was realized in the period when 128 billion dollars was sold before the 2019 elections.

Sharing on his Twitter account, Kara used the following statements:

“In December, the highest monthly reserve sale in recent history was realized (disguised + open sale). In 2020, the insistence on low interest was abandoned after burning 82 billion dollars. This time, the towel was thrown early and the deposit was exchanged.”


During the week of December 17, when the Central Bank of the Republic of Turkey (CBRT) continued to intervene in the markets due to the sharp rise in the exchange rate, there was a rapid decline in reserves. The bank’s net reserves fell from $21.2 billion to $12.2 billion.

On December 24, the gross foreign exchange reserves of the Central Bank decreased by 5 billion 812 million dollars to 72 billion 555 million dollars. Gross foreign exchange reserves were at the level of 78 billion 367 million dollars on 17 December.

Total reserves of the Central Bank decreased from 116 billion 874 million dollars to 110 billion 926 million dollars in the week of 24 December, with a decrease of 5 billion 948 million dollars compared to the previous week.

Source Cumhuriyet

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