Turkey's reserves hit record high

The Turkish central bank announced on Thursday that its foreign currency reserves had reached a new record level of $118bn on July 6.

A week earlier its total gross reserves, comprised of foreign currency plus gold, stood at US $117.1bn.

Of that sum, $47.8bn was from privately held companies, including commercial banks, with the central bank holding the rest.

During June Turkey repaid $755m in foreign debt, bringing total repayments since the beginning of this year to $10.4bn.

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Geoeconomic reserve management

The world order is evolving. Whether, and how, the international economy remains integrated or shifts into spheres of influence has consequences for central bank policy and reserve management.

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