Turkish Central Bank has adequate reserves: Minister  

ISTANBUL

The Turkish Central Bank’s reserves are adequate to meet short-term needs, the treasury and finance minister has said, highlighting that its gross reserves stood at $53 billion as of April 24.

“Our country has kept its current account balance [stable] and it is not in financial need from any channel,” Berat Albayrak told daily Sabah on May 4.

Turkey has been holding talks with trade partners about securing swap lines, but the country’s foreign currency reserves are more than enough to cover its short-term foreign debts, he said.

In recent years, the Turkish government has created swap lines with China and Qatar. 

As Turkey rejects a deal with the IMF for financial support, some analysts are pointing to the possibility of creating a swap line between the central banks of Ankara and Washington.

Albayrak also said that he expects the Turkish economy to continue expanding in 2020, ruling out scenarios of contraction due to the coronavirus pandemic.

“Recovery of confidence, low interest rates and output gap will be underpinnings for growth without inflationist effects in the second half of the year,” he said.

The finance minister will today meet with international investors at a video conference organized by Citigroup and Societe Generale