Bloomberg Economist: CBRT Backdoor Intervention Hit $199 Billion

Bloomberg economist Selva Baziki calculated the amount of foreign currency sold by the Central Bank (CBRT) to hold exchange rates constant.

Baziki stated that CBRT backdoor interventions may have reached $199 billion from December 2021 to the end of May.

199 BILLION DOLLARS IN 1.5 YEARS

Baziki used the following statements in his post:

“We estimate that CBRT backdoor interventions may have reached $199 billion from December 2021 to the end of May.

That’s roughly $12 billion a month. With the possible impact of the elections, we estimate the April-May total to reach $52 billion.

The difference between the decrease in net CBRT reserves (excluding swaps) ($9 billion) and the net flow ($190 billion) shows that the amount of intervention has increased to $199 billion. The lira has lost more than 40 percent of its value against the dollar during this time and has recently reached its lowest levels.