Macro and Politics
Tacirler Investment
* Based on our calculations using the CBT’s analytical balance sheet, we estimate that gross reserves declined by USD2.5bn to USD169.1bn during the October 9–16 week, while net reserves fell by USD6.3bn to USD51.4bn. As a reminder, gross reserves had risen by USD4.2bn to USD171.6bn in the October 2–9 week, ending a six-week streak of declines, while net reserves increased by USD4bn to USD57.7bn. We expect the CBT’s official reserve figures, due on Thursday at 14:30 local time, to confirm a decline broadly in line with our analytical balance sheet-based calculations.