Ankara: Turkey's Central Bank has reached a significant milestone as its official international reserves exceeded $200 billion for the first time, according to figures released on Thursday. The latest data shows a 4.6% increase, with reserves climbing $9.1 billion to $205.2 billion from the previous week's $196.1 billion.

According to Anadolu Agency, foreign currency reserves in convertible currencies saw a notable rise of 6.7%, reaching $76.4 billion compared to the previous week. The bank's gold reserves, which include gold deposits and potentially gold-swapped assets, also increased 3.7% to $121 billion during the same period. However, the total International Monetary Fund (IMF) reserve position and special drawing rights experienced a slight decrease of 0.2%, settling at $7.7 billion.

Turkey's Finance Minister, Mehmet Simsek, attributed the increase in reserves to a recently implemented program, stating that gross reserves grew by approximately $107 billion, reaching the new total of $205.2 billion. Simsek noted that, excluding swaps, the net reserves increased by $139.3 billion, achieving reserve adequacy as per international standards. He also highlighted Turkey's progress in completing the exit process from a $143 billion contingent liability, improving the foreign exchange position by over $280 billion. Simsek emphasized that strengthening macro-financial stability significantly reduces the country's risk premium and enhances the resilience of Turkey's economy to potential shocks.