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Mubasher: Turkey's foreign exchange reserves fell for the first time in three weeks as the central bank's total reserves declined.
The central bank's foreign exchange reserves fell to $ 75.067 billion in the week ending July 19, up from $ 75.683 billion the previous week, the central bank said in a report released on Thursday.
This means that the central reserves of the Turkish Central Bank in foreign currency recorded their first decline after two consecutive weeks of upward trend, losing about $ 616 million.
While the central bank's gold reserves reached 23.253 billion dollars last week, against 23.195 billion dollars the previous week.
As for the total foreign exchange and gold reserves of the Turkish Central Bank, they decreased by about 558 million dollars to reach 98.320 billion dollars last week.
On an annual basis, Turkey's central reserves last week were reduced by 3.11% compared to the same week (101.481 billion dollars).
The Turkish central bank has decided to cut interest rates by 425 basis points, to 19.75%, a result well above expectations, at the first meeting chaired by the new governor Murad Oisal.
At 14:42 GMT, the Turkish currency rose 0.5% compared to its US counterpart, the dollar fell to 5.6802 pounds.
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