Turkey Central Bank's Net Reserves Drop Below $30 Billion: Chart

(Bloomberg) -- Turkey’s net foreign exchange reserves fell to $29.99 billion last week, an 11-month low. Central bank actions such as new swap auctions have been effective in helping to boost the currency from record lows, but they also contributed to the 21 percent decline in reserves from their peak earlier this year, according to Haluk Burumcekci, the founder of Burumcekci Research and Consulting. "We can openly say reserves are not adequate," he said.

To contact the reporters on this story: Fercan Yalinkilic in Istanbul at fyalinkilic@bloomberg.net, Kerim Karakaya in Istanbul at kkarakaya2@bloomberg.net.

To contact the editor responsible for this story: Benjamin Harvey at bharvey11@bloomberg.net.