Turkey cenbank gross total reserves rose to $127 bln last week: Bankers

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The Turkish central bank’s total gross reserves are expected to have risen by some $7 billion to $127 billion, six bankers’ calculations showed on Wednesday, after a deposit from Saudi Arabia entered its accounts.

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A deposit of $5 billion from the Saudi Fund for Development (SFD) entered the accounts of the Turkish Central Bank on Monday, bankers told Reuters last week.

Their calculations showed net international reserves rose by more than $2 billion to stand at $20.8 billion last week. On Tuesday, three bankers calculated an increase of some $6 billion in net fx reserves.

Bankers have said the discrepancy between calculations is due to the impact of the deposit from Saudi Arabia, which will not be included in net reserves.

Turkey’s net foreign exchange reserves have rebounded from just over $6 billion last summer, when they were at their lowest in at least 20 years.

However, they had lost some $9.6 billion since a massive earthquake hit southern Turkey in early February, killing more than 56,000 people in Turkey and Syria and leaving millions homeless.

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