Turkish cenbank's net FX reserves rise to $19.51 bln

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

ISTANBUL, Dec 1 (Reuters) - The Turkish central bank's net international reserves rose some $760 million to $19.51 billion in the week to Nov. 25, hitting their highest since mid-February, central bank data showed on Thursday.

The exchange rate used by Reuters on Thursday was 18.6045. In July, the net forex reserves dropped to $6.07 billion, their lowest in at least 20 years, but since rebounded.

Forex reserves have dropped sharply in recent years due to market interventions and in the wake of a currency crisis in December. The lira lost 44% of its value against dollar last year.

The currency is down some 29% against the greenback this year and inflation climbed to more than 85% in October, the highest in President Tayyip Erdogan's two-decade rule.

Data showed the bank's outstanding swap transactions stood at $45.15 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.

Reporting by Ezgi Erkoyun; Editing by Daren Butler

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