Progressing towards Economic Stability and Lasting Prosperity
Vice President Cevdet Yılmaz: Central Bank reserves reach all-time high
Vice President Cevdet Yılmaz recently made a statement on social media, highlighting the Central Bank’s reserves reaching the highest level of all time at 140.1 billion dollars.
Yılmaz attributed this milestone to the disappearance of political uncertainties following the May elections and the concretization of the macroeconomic policy framework for the upcoming period. He also credited the improvement in economic indicators and the work carried out under the leadership of the President for creating an environment of trust and stability.
The Vice President revealed that the Central Bank’s gross reserves rose to a historical record level of 140.1 billion dollars as of December 1, marking a significant increase of 42.3 percent within a six-month period. Additionally, the increase in reserves in just one week amounted to approximately 4 billion dollars.
Furthermore, Yılmaz noted that the increasing trend in Exchange Protected Deposit (KKM) accounts had reversed, reflecting the impact of the confidence provided in the markets by the regulations of the Central Bank. KKM decreased by 694 billion TL to 2 trillion 714 billion TL as of the week of December 1.
He emphasized that determined policies aimed at increasing reserves, budget discipline, a downward trend in the current account deficit, and reducing inflation were improving the investment environment and reducing risk perceptions. Yılmaz also highlighted positive indicators such as 4.6 percent growth in the first 9 months, employment and export growth, unemployment rate remaining at single-digit levels, and a downward trend in inflation on a monthly basis.
The Vice President assured that the government would continue to prioritize economic stability and social welfare based on political trust and stability. These developments reflect the government’s commitment to sustaining the impressive progress made in both real and financial indicators.
