December 7, 2017 / 1:15 PM / a year ago

Drop in Turkey's fx reserves due to depo auctions, change in requirements, bankers say

ANKARA, Dec 7 (Reuters) - The record drop in the Turkish central bank’s foreign exchange reserves last week was largely due to banks using depo auctions and a change the central bank made in required reserves last month, bankers said on Thursday.

Bankers also said they expected the reserves to increase by at least $1.9 billion this week due to banks’ use of forex depo auctions.

The bank’s gross forex reserves fell sharply to $89.86 billion on Dec 1st from $96.35 billion a week earlier, the bank’s data showed on Thursday. The drop was the biggest since the data was first made available 30 years ago. (Reporting by Nevzat Devranoglu and Ece Toksabay; Editing by David Dolan)

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