Turkish Central Bank reserves to surpass $115 bln: Erdoğan

ANKARA

Turkish Central Bank's reserves will surpass $115 billion when pending transactions are completed, Turkey's president said on Aug. 24. 

The bank's official reserves so far stand at $109 billion, Recep Tayyip Erdoğan said at the meeting of AKP provincial heads in the capital Ankara.

According to the latest data, Turkish Central Bank's official reserves amounted to $97.7 billion as of the end of June.

Touching on the country's current account balance, Erdoğan said: “In 2019 we managed to shift the current account deficit, which for years was our economy's biggest problem, into a surplus. We will see the same table again soon."

The country's current account gap stood at $1.127 billion in June, narrowing for the fourth consecutive month, according to Central Bank data.

Soon, after a fall especially due to fluctuations in exchange rates, Turkey's gross domestic product (GDP) will surpass over a trillion dollars, the president said.

Turkey's GDP at current prices was at 5.1 trillion Turkish liras (some $717.1 billion) in 2020, according to the Turkish Statistical Institute.