BlockBeats News, March 25 — Due to the impact of the Middle East situation, Turkey’s foreign exchange reserves have rapidly declined, raising concerns about its ability to stabilize the currency. Data shows that over the past three weeks, the Central Bank of Turkey has used approximately $30 billion to intervene in the market to support the lira.
Analysts point out that under the dual pressure of foreign capital outflows and soaring energy costs, Turkey may be forced to sell or use its gold reserves through swaps to supplement foreign exchange liquidity. Currently, its gold reserves exceed $100 billion.
Affected by the conflict, international oil prices have surged significantly, further exacerbating Turkey’s current account deficit and inflation pressures. The market generally expects that if the situation continues, Turkey may face currency devaluation and increased interest rate pressures.
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