Massive meltdown in CBRT reserves: The decline series extended to three weeks

The ongoing structural problems in the Turkish economy and the pressures on the exchange rate continue to cause a serious meltdown in the foreign exchange reserves of the Central Bank of the Republic of Turkey (CBRT). Reserve losses, which accelerated especially from the second half of the year, did not slow down in the last week of October.

According to Matriks Haber's calculations from the CBRT analytical balance sheet data, the Central Bank's total reserves decreased by approximately 4.1 billion dollars in the weekly period ending October 30, 2026. It is estimated that reserves, which were at 162.2 billion dollars in the week of October 23, decreased to 158.1 billion dollars with the latest decrease. With this picture, CBRT reserves closed the third week in a row in minus.

60.1 BILLION DOLLAR LOSS FROM THE SUMMIT

Despite the economic management's rhetoric of "accumulating reserves", the extent of the meltdown in the coffers becomes clearer with the picture experienced since the beginning of the year. Reserves, which completed 2025 at 193.9 billion dollars and started 2026 at 189.1 billion dollars, reached the peak of the year by reaching 218.2 billion dollars on January 30.

However, this spring weather was short-lived. In the following months, the meltdown in the coffers accelerated with backdoor interventions and intense foreign exchange sales in order to keep the exchange rates and extinguish the fire in the market. Reserves bottomed out, falling to $149.2 billion as of June 26. At this point, the reserve of 158.1 billion dollars, calculated as of the week of October 30, remained 60.1 billion dollars (27.5 percent) below the peak of the year. Compared to the end of last year, the net loss in the cash register was calculated as 35.8 billion dollars (18.5 percent).

THE HARDEST DECLINE WAS IN MARCH

While there was a decline in reserves in 6 months of the 10-month period covering the January-October period of 2026, access to the cash register was limited to only 4 months. The steepest monthly decline was recorded at 54.9 billion dollars in March, when economic uncertainties were at their peak. It was noteworthy that the melting continued in the autumn. While there was a loss of 17 billion dollars in September, the total fall bill in October reached 13.1 billion dollars.

EYES ON THURSDAY

After the weak increase of $4.2 billion at the beginning of October (week of October 9); The course of reserves, which decreased to 169.1 billion dollars on October 16, 162.2 billion dollars on 23 October and finally to 158.1 billion dollars in the week of October 30, is followed with concern by the markets.

Economic circles expect the CBRT to announce the final data on reserve figures and weekly money and bank statistics to the public with an official statement on Thursday, November 5, at 14.30.