Türkiye’s official reserve assets climbed to $188.45 billion as of Aug. 21, reaching their highest level in more than five months, according to data released Thursday by the Central Bank of the Republic of Türkiye (CBRT).

The latest figures point to a significant strengthening of Türkiye’s reserve position in recent weeks, driven primarily by a sharp increase in gold holdings.

Türkiye’s gold reserves rose by $5.89 billion, or 5.4%, during the week ending Aug. 21, reaching $114.22 billion.

The increase in gold holdings more than offset a decline in foreign currency reserves. Foreign currency holdings fell by $984 million, or 1.5%, to $66.46 billion, according to the central bank.

Meanwhile, Türkiye’s reserve position at the International Monetary Fund (IMF), together with its special drawing rights (SDRs), increased by 0.6% to $7.77 billion.

The figures indicate that gold continues to account for a substantial share of Türkiye’s overall reserve buffer.

The latest data show a notable improvement compared with the end of July.

Official reserve assets have increased by approximately $24 billion, or 14.6%, since the end of last month, recovering strongly from the lower levels recorded earlier in the year.

Foreign currency reserves have risen by 18.4% over the past month, while gold reserves have expanded by 13.5% over the same period.

The total reserve figure recorded for the week ending Aug. 21 represents Türkiye’s strongest reserve position since the week ending March 13.

The increase provides the country with a larger financial buffer against external shocks and supports the authorities’ efforts to strengthen macroeconomic stability.

The data also showed a modest increase in Türkiye’s short-term foreign currency liabilities.

Such liabilities, which include obligations of the central bank and central government, rose by $249 million, or 0.2%, week-on-week to $120.95 billion.

The rise was relatively limited compared with the growth in reserve assets, as policymakers continue to monitor external financing requirements alongside efforts to build stronger reserve buffers.

The continued accumulation of reserves has become an important element of Türkiye’s broader efforts to strengthen financial stability and improve resilience against external financing pressures.

The latest figures show that the country’s reserve position has strengthened considerably over the past month, with gains in both gold and foreign currency holdings contributing to the overall increase.

The buildup of reserves is closely watched by financial markets because stronger reserve buffers can improve a country’s ability to withstand external volatility, meet foreign-currency obligations and maintain confidence in its financial system.

With official reserves now at their highest level in more than five months, Türkiye enters the latter part of August with a substantially stronger reserve position than it had at the end of July. (ILKHA)