Turkey's Foreign Currency Reserves Reach Lowest Level Since July 2005

The total volume of Turkey's foreign currency reserves, according to the Turkish regulator, amounted to $40.37 billion as of November 13, down from $41.91 billion the previous week. This is reported by eadaily.com.

According to analysts from Goldman Sachs, the Central Bank of Turkey has spent more than $100 billion of its foreign currency reserves from January to October to combat the decline of the national currency. Two weeks ago, the value of the Turkish lira hit an all-time low of 8.6 lira per 1 dollar.

The current level of reserves is the lowest since July 2005, according to analysts from Trading Economics. At the beginning of the year, reserves were estimated at nearly $78 billion. The reduction is attributed to significant expenditure by the Central Bank and state banks to defend the lira's exchange rate.