Page 40 - TURKRptOct22

5.0 External Sector & Trade
5.1 Balance of payments, current account
5.1.1 Gross intl reserves
Unidentified capital inflows under net errors and omissions account on the balance of payments amounted to $24bn in January-July.
Turkey’s gross international reserves declined by $4bn w/w to $110.8bn as of September 23 from $114.7bn as of September 16.
From July 29 to August 12, the gross reserves grew by $12bn to $113.7bn. The source of the money remains unknown. There was some talk of money transfers from Russia.
The net international reserves, meanwhile, declined to $9.7bn as of September 23 from $12.1bn as of September 16 and $15.7bn as of August 12.
When off-balance sheet swaps are excluded, the central bank’s net FX position, which excludes the Treasury’s FX account at the central bank compared to net international reserves, stood at minus $61bn as of September 16.
40 TURKEY Country Report October 2022 www.intellinews.com