Turkish President Tayyip Erdogan waves to people at the opening of a mosque in Sisak, Croatia, September 8, 2022. (REUTERS/Antonio Bronic)

ISTANBUL: Turkey’s central bank’s foreign exchange reserves are getting stronger as friendly countries are providing support, President Tayip Erdogan said, broadcaster Habertürk reported on Friday.

Central bank reserves are under pressure from foreign exchange market interventions to support the Turkish lira and meet the foreign exchange needs of government agencies.

Erdoğan said, “Central bank reserves have started to increase. ‘ said.

According to Habertürk, Erdogan also said that “borrowing from them will strengthen the central bank.”

Central bank net foreign exchange reserves recovered from a 20-year low of $6.1 billion in the first two weeks of August, but fell again towards the end of the month.

The bank’s net international reserves increased by about $1.5 billion to $14.1 billion in the week ending September 2, according to the latest central bank data.

Ankara has currency swap transactions totaling $28 billion with the United Arab Emirates, China, Qatar and South Korea. Turkey also wants a swap deal with Saudi Arabia and is making moves to improve relations with Egypt and Israel.

Speaking to reporters on a flight home from a trip to the Balkans, Erdogan said companies from Europe and elsewhere will invest about $20 billion in Turkey.

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