Gate News reports that on March 25, due to the impact of the Middle East situation, Turkey’s foreign exchange reserves (the country’s holdings of foreign currency assets) rapidly declined, raising concerns about its ability to stabilize the exchange rate. Data shows that over the past three weeks, the Central Bank of Turkey has used approximately $30 billion to intervene in the market to support the lira (Turkey’s official currency).
Analysts point out that under the dual pressures of foreign capital outflows and soaring energy costs, Turkey may resort to selling or swapping gold reserves to supplement foreign exchange liquidity. Currently, its gold reserves exceed $100 billion.
Due to the conflict, international oil prices have surged significantly, further exacerbating Turkey’s current account deficit (trade deficit indicator) and inflation pressures. If the situation persists, Turkey will face currency devaluation and increased interest rate pressures.
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