ISTANBUL: The Turkiye Central Bank’s net reserves slid around $6 billion last week to $23.5 billion, four bankers’ calculations showed on Tuesday, continuing to drop after rising above $40 billion late last year.

The calculations showed that total reserves dropped some $1.5 billion to $138 billion last week.

Since June, when President Tayyip Erdogan appointed former US bank executive Hafize Gaye Erkan as governor, the bank has lifted its key interest rate by 3,400 basis points.

A Reuters poll forecast another 250 basis point hike to 45% this week, marking the end of its aggressive tightening cycle.

Turkiye central bank total reserves hit record high of $140bn

he net reserves rose some $2.9 billion to $40.09 billion in the week to Dec. 22, their highest level since January 2020.

The bank did not immediately respond to a request for comment on the figures.

The official data for the week to Dec. 19 will be released on Thursday.