The Central Bank of the Republic of Turkey has reported a significant boost in its total reserves, reaching a total of $117.3 billion as of August 25.

This marks the 11th consecutive week of growth, reflecting a remarkable increase from its May end-of-month total of $98.5 billion.

In its latest Weekly Money and Banking Statistics report, the Central Bank announced that its total reserves had surged by $223 million during the week ending August 25 compared to the previous week. This growth trend has remained unbroken since the end of May, with reserves increasing by approximately $18.8 billion in that time frame.

Breaking down the specifics of the report, the Central Bank's gross foreign exchange reserves did experience a slight decline, dropping by $338 million to $75.955 billion on August 25, down from $76.293 billion on August 18.

However, this decrease was offset by a substantial increase in gold reserves, which rose by $561 million, reaching a total of $41.344 billion from the previous week's $40.783 billion.

These numbers demonstrate the Central Bank's continued efforts to strengthen its reserve holdings, providing stability in the face of economic challenges and uncertainties. The institution's commitment to maintaining and bolstering its reserves is evident in this 11-week streak of growth.

The Central Bank's sustained reserve accumulation not only supports the nation's economic resilience but also signifies its dedication to safeguarding the Turkish economy in the face of a rapidly changing global financial landscape. (ILKHA)