Turkiye: Continued Increase in TCMB Reserves; Slowdown in Loan Growth

Research evidence excerpt

Turkiye: Continued Increase in TCMB Reserves; Slowdown in Loan Growth

Economics Research

13 July 2026 | 3:17PM BST

Turkiye: Continued Increase in TCMB Reserves; Slowdown in Loan

Growth

n As of 10 July, the TCMB’s FX assets stood at US$169bn, up US$4bn from a week Clemens Grafe

+44(20)7774-3435 |

earlier (+US$6bn excluding gold valuation). Roughly half of the increase reflected clemens.grafe@gs.com

Goldman Sachs International

higher bank deposits at the TCMB, likely owing to the recent reserve requirement

Basak Edizgil

hike on banks’ own FX liabilities, with the remainder driven by TCMB’s direct FX +44(20)7774-9878 | basak.edizgil@gs.com

purchases. The TCMB’s FX swaps with banks (against TRY) declined by another Goldman Sachs International

US$1bn and have now been almost fully wound down. Compared with February,

the TCMB’s gross FX assets remain US$47bn lower (-US$19bn excluding gold

valuation), while the TCMB’s FX liquidity—defined as gross FX assets less gold,

the SDR position at the IMF and assets held in non-SDR currencies—is only

US$6bn lower.

n In June, the TCMB’s FX liabilities fell by US$15bn, mostly reflecting lower bank

deposits at the TCMB. Roughly US$3bn of the decline in TCMB FX liabilities was

driven by lower gold prices, which reduced required reserves held against banks’

own gold liabilities. Lower gold prices also reduced the TCMB’s gross FX assets by

US$12bn in June. However, gold-price-adjusted gross FX assets still rose by close

to US$2bn, suggesting that the TCMB offset the liability-side decline through

direct FX purchases, suggesting substantial inflows during June. While the reason

banks withdrew FX from the TCMB is not certain, we think this likely prompted

the recent increase in reserve requirements on banks’ own FX liabilities.