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Thursday, April 18, 2019

Why's Everyone Worried About Turkey's Foreign Reserves? - Bloomberg

Why Is Everyone Worried About Turkey's Foreign Reserves?

By Onur Ant April 18, 2019, 2:44 PM EDT

Turkey’s central bank won’t explain what’s behind the recent moves in its foreign currency reserves -- and that’s making investors nervous. The lira weakened more than any other currency on Thursday amid speculation that the central bank was using money borrowed from commercial banks in short-term swaps to inflate its foreign reserve figures. It sank nearly 2 percent on growing concerns before paring some of those losses.

More:Why's Everyone Worried About Turkey's Foreign Reserves? - Bloomberg