The curious case of CBRT reserves, a recap

TURKEY - Report 29 Mar 2019 by Murat Ucer

CBRT reserves have been the markets’ focus since last week because of substantial drops in net reserves that could not be attributed to the familiar factors. As a lot of numbers have been floating around since then, we thought it would be useful to provide some background on where these numbers are coming from, and what unresolved mysteries still remain.

Movements in net reserves can be traced from the CBRT balance sheet data, which is published on a weekly and daily basis, in two different formats. The weekly data comes with almost a week lag – yesterday, we saw the March 22nd data -- and the daily data with one-day lag -- each day, after 2:30 pm, we get to see the balance sheet of the previous day. The obvious advantage of working with daily data is that it allows monitoring of net reserves on a higher frequency basis. For instance, we more or less knew how much net reserves had dropped through March 22nd, before we saw yesterday’s weekly data. The latter comes in more detail, and cannot be fully replicated using the daily data, the two are sufficiently close.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.