🔻Consequences of Iran’s war; Turkey’s foreign currency reserves reach the lowest level in seven months

Net foreign currency reserves of Turkey’s central bank, following the economic fallout of Iran’s war, fell by more than eight billion dollars to the lowest level since March 27.

According to Reuters, figures published on Friday,

show that net foreign currency reserves of Turkey in the week ending October 23 decreased from $51.51 billion to $42.87 billion.

Informed sources said the decline in reserves was due to the sale of foreign currency and capital outflows in the wake of Iran’s war and the financing crisis.

Turkey’s central bank’s gross reserves also fell in the same period from $62.15 billion to $59.40 billion.