Economics
Turkish Reserves Lost ‘Shocking’ $4.8 Billion in Just One Week
A Turkish flag by the Bosphorus strait in Istanbul, Turkey.
Photographer: Moe Zoyari/BloombergThis article is for subscribers only.
Turkey’s gross foreign-currency reserves fell the most this year, providing further evidence that an effort to support the lira is coming at an increasingly steep cost.
The stockpile shrank by $4.8 billion in the seven days ended May 13, according to central bank figures published on Friday. That brought total holdings, which exclude gold reserves, to a 10-month low of $61.2 billion.