Macro Analysis / Turkey

Turkey: Net reserves continue to plummet (in one chart)

  • Net reserves fell another US$1.7bn last week to US$16.9bn, while US$ swaps rose by US$5.6bn in August to US$58.6bn
  • Net reserves (less swaps) could be as low as -US$41.6bn when August swaps are subtracted from the latest reserve figure
  • With trade deficit widening by c80% yoy through Sept. and ST external debt at US$176.5bn, further TRY pressure likely
Turkey: Net reserves continue to plummet (in one chart)

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Turkey: Surprise rate hike will ease currency pressure but is no panacea

Charting Turkey’s currency crisis


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