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Turkish Reserves Lost ‘Shocking’ $4.8 Billion in Just One Week

A Turkish flag by the Bosphorus strait in Istanbul, Turkey.

A Turkish flag by the Bosphorus strait in Istanbul, Turkey.

Photographer: Moe Zoyari/Bloomberg

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.