Bigger Turkish Reserves Are Among Central Bank’s 2024 Priorities

Turkey’s central bank said its priorities next year will include a focus on rebuilding international reserves, calling bigger buffers essential for an effective monetary policy.

The goal is among the plans laid out on Friday in the central bank’s monetary policy statement for 2024. The bank reiterated that the accumulation of foreign exchange will continue, contingent upon favorable market conditions, even as it intends to borrow less from commercial lenders via swap transactions — a key source of hard currency for the monetary authority.