Turkey’s Reserves Fall $49 Billion to $161 Billion Since February
Key Facts
Turkish central bank governor Fatih Karahan said total reserves stood at $161 billion on November 6, 2026, down $49 billion from $210 billion on February 27. The decline puts reserve levels among the pressures the bank faced over that period. The governor attributed $28 billion of the drop to lower gold prices. He also said net reserves excluding swaps fell $50.4 billion, reaching $28 billion on November 6. In his remarks, he said the bank would maintain its tight monetary stance until price stability is achieved in line with its interim targets.
Earlier weekly data show a sustained decline ahead of the November 6 reading. Reuters reported that gross reserves fell by about $3 billion to $56.09 billion in the week ended October 30. That was the third consecutive weekly decline, with reserves down about 25% compared with the week ended January 2. These figures are dated to the week ended October 30, while the governor’s figures reflect total reserves on November 6. This sequence puts the latest official figure in the context of the preceding trend, without treating it as a weekly figure equivalent to the reading reported by Reuters.
Net international reserves fell to $38.01 billion in the week ended October 30, compared with $42.87 billion in the week ended October 23, according to Reuters. This measure differs from the net reserves excluding swaps cited by the governor for the period from February 27 to November 6. The governor said those net reserves fell $50.4 billion over the same period, to $28 billion. The comparison shows that the measure’s definition and time period are both essential when reading reserve figures. In the statement cited here, the governor did not link the decline in net reserves excluding swaps to any other specific causes.
On economic activity, the Turkish Statistical Institute said industrial production rose 2.6% year on year in September 2026 and increased 2.1% from the previous month. The annual increase included a 1.2% rise in the mining and quarrying index, a 2.6% increase in the manufacturing index, and a 4.0% rise in the electricity, gas, steam and air conditioning index. These figures offer a separate reading from the reserves position and do not by themselves establish a reversal in foreign capital flows. The open official source also did not include a market forecast against which to compare industrial production with analysts’ estimates. The reserves reading remains tied to the figures announced by the governor and the details Reuters reported for previous weeks.
The governor’s figures reflect a cumulative decline in total reserves between February 27 and November 6, with part of the drop attributed to movements in gold prices. Over the same period, net reserves excluding swaps fell to $28 billion. Reuters’ data for the week ended October 30 point to a third consecutive weekly decline in gross reserves and a fall in net international reserves from the previous week. These measures provide different context for assessing the central bank’s ability to manage its reserves, but on their own they do not offer a complete explanation of capital or currency movements. The statements and figures available here included no announcement of a change in monetary policy; the governor instead affirmed that the tight stance would continue until prices stabilize in line with interim targets.
The Turkish Statistical Institute is scheduled to release its next industrial production data on December 10, 2026. The release date is part of the ongoing tracking of official industrial activity indicators after September’s increase on both an annual and monthly basis. On monetary policy, the governor said the bank would firmly maintain its tight stance until price stability is achieved in line with its interim targets. The cited statement did not specify another date or a target level for reserves. The next industrial production release and the bank’s statements on its monetary stance therefore remain the main dated milestones in the information available.