Meanwhile, inflation has shown little sign of abating, reaching 84.4 percent in November, after peaking at 85.5 percent in October.
It is expected to drop between 65 and 70% in December.
On the other hand, data for the bank showed Turkish CentralOn Thursday, its net foreign exchange reserves rose by about $1.37 billion to $28.13 billion in the week ending Dec. 16, marking its highest level since the end of 2021.
Net foreign exchange reserves decreased Turkey At $6.07 billion in July, it was the lowest level in at least 20 years, but has been on the rise since.
Reserves have risen sharply since Sept. 30, when they totaled $9.7 billion.
Foreign exchange reserves have collapsed in recent years due to market interventions and the currency crisis in December.
Last year the lira lost 44% of its value against the dollar.
The currency is also down about 30% against the dollar this year and inflation remains close to a 24-year high.
Banking data also showed today that Turkish holdings of foreign currency and precious metals fell below $200 billion for the first time since May 2020, to $199.34 billion on Dec. 16.
Holdings have dropped sharply in recent weeks, after reaching about $214 billion at the end of October.
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The bank said it was “critical” that monetary policy remains supportive of economic activity, reiterating that it expects inflation to start easing thanks to the steps taken.
All economists polled by Reuters expected the bank to keep its interest rate unchanged.
The bank cut interest rates by 500 basis points in four months, citing the economic slowdown, even as central banks around the world ran in the opposite direction.
Meanwhile, inflation has shown little sign of abating, reaching 84.4 percent in November, after peaking at 85.5 percent in October.
It is expected to drop between 65 and 70% in December.
On the other hand, data for the bank showed Turkish CentralOn Thursday, its net foreign exchange reserves rose by about $1.37 billion to $28.13 billion in the week ending Dec. 16, marking its highest level since the end of 2021.
Net foreign exchange reserves decreased Turkey At $6.07 billion in July, it was the lowest level in at least 20 years, but has been on the rise since.
Reserves have risen sharply since Sept. 30, when they totaled $9.7 billion.
Foreign exchange reserves have collapsed in recent years due to market interventions and the currency crisis in December.
Last year the lira lost 44% of its value against the dollar.
The currency is also down about 30% against the dollar this year and inflation remains close to a 24-year high.
The bank’s data also showed today that Turkish holdings of foreign currency and precious metals fell below $200 billion for the first time since May 2020, to $199.34 billion on Dec. 16.
Holdings have dropped sharply in recent weeks, after reaching about $214 billion at the end of October.
