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state-owned enterprises in February. In the four months from November to February, total sales amounted to $15bn.
There is a trick here. Previously, the central bank used to say “FX sales to energy-importing state-owned enterprises.” Recently, it states “FX sales to state-owned enterprises.”
So, “energy-importing,” which essentially meant natural gas importer Botas, has been dropped. This is seen as supporting rumours that suggests a new backdoor was set via state-owned prices to intervene in the USD/TRY market as an alternative to the backdoor via public banks.
On January 24, about $3bn entered the Treasury’s account at the central bank from the latest sukuk sale. However, about $2bn had already been redeemed on February 21. (About $1bn net supported gross and net reserves while the central bank’s net FX position is unaffected. On March 25, the Treasury has another $1bn worth of redemption.)
32 TURKEY Country Report March 2022 www.intellinews.com