Macro and politics
Tacirler Investment
* The CBRT will release weekly foreign portfolio flows, money & banking statistics, and international reserves for the period of December 27 – January 3 today @ 14:30 local time. Based on our calculations upon the CBRT’s analytical balance sheet, we estimate that during the week of December 27 – January 3, the net international reserves climbed by USD4.2bn to USD67.8bn and the gross FX reserves increased by USD2.8bn to USD158bn. To recall the data from the previous week: In the week of December 20 – 27, the equity and the bond market (excluding the repo transactions) market experienced a foreign outflow of USD101mn and USD241.6mn, respectively. Hence, in 2024, the equity market experienced a cumulative foreign outflow of USD2.7bn, while the bond markets (excluding the repo transactions) saw a cumulative foreign inflow of USD16.2bn. Moreover, the residents’ FX deposits rose slightly by USD408mn (gold accounts excluded, EUR/USD parity adjusted) in the week of December 20 – 27, while the residents’ total FX deposits (including gold, price adjusted) climbed moderately by USD273mn. Besides, the CBRT’s gross FX reserves dropped by USD1.1bn to USD155.2bn, while the net international reserves rose by USD1.8bn to USD63.6bn in the mentioned period.