Macro and Politics
Tacirler Investment
* Based on our calculations using the CBT's analytical balance sheet, we estimate that the CBT's net FX reserves increased by USD293mn to USD51.4bn in the week of July 17–24, while gross FX reserves rose by USD2.3bn to USD162.8bn. We expect the official reserve data, scheduled to be released by the CBT on Thursday at 14:30 local time, to confirm a reserve build broadly consistent with our analytical balance sheet-based estimates. to confirm a reserve build broadly consistent with our analytical balance sheet-based estimates.