Turkish cenbank's net FX reserves fall to $22.47 bln

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A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. REUTERS/Cagla Gurdogan

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ISTANBUL, Dec 9 (Reuters) - The Turkish central bank's net international reserves fell to $22.47 billion as of December 3, from $24.67 billion a week earlier, data showed on Thursday.

The exchange rate used by Reuters on Thursday was 13.4067.

Net forex reserves dipped below $10 billion in April before gradually rising through most of the year. But they could come under pressure again after a series of central bank market interventions, beginning last week, to address "unhealthy" prices after a weeks-long lira crash.

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In 2019-2020, the net reserves plunged as the central bank sold off $128 billion via state banks to stabilize the lira, which has still steadily depreciated. Earlier this year, the sales emerged as a focus of what the political opposition calls government mismanagement.

The central bank used swaps with local banks to backstop the 2019-2020 FX interventions, an unorthodox policy that spooked foreign investors and raised the risk of a balance of payments crisis, analysts said.

Data showed the bank's outstanding swap transactions stood at $45.571 billion as of Wednesday. The reserves are in negative territory once the swaps are deducted.

Note: The figures are released every week on the central bank balance sheet as per a letter of intent with the International Monetary Fund dated 18 January 2002. The figures are released in Turkish liras and are converted by Reuters to U.S. dollars using the central bank's official exchange rate from the previous work day.

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Reporting by Ezgi Erkoyun Editing by Daren Butler

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