Report published September 25, 2026

Turkiye: TCMB Reserves Up by US$2bn Excl. Gold Valuation – Goldman Sachs

Goldman Sachs · September 25, 2026

As of 24 September 2026, TCMB's gross reserves rose by US$1.8bn week-on-week excluding gold valuation to US$180bn, while domestic NDFs were completely phased out. System liquidity returned to a surplus position with net central bank funding falling to negative TRY1.3tn.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.TCMB gross reserves stood at US$180bn as of September 24, rising US$1.8bn week-on-week excluding gold valuation adjustments.
2.Domestic NDFs (TRY-settled FX forwards) continued their downward trajectory and have now been fully phased out.
3.System liquidity remains in excess as total central bank funding fell by TRY346bn to roughly negative TRY1.3tn.

Report data

Exhibit 1: Breakdown of the TCMB's reserves — as of September 24, 2026.

Metric	Estimate	Context
TCMB Gross FX Assets	180.2 USD billion	Gross reserves of the Central Bank of Turkey
TCMB FX Liquidity	48.7 USD billion	Gross reserves excluding gold, non-SDR currencies, and SDR positions
TCMB Net FX Assets (accounting for swaps)	40.7 USD billion	Net FX assets of TCMB accounting for swaps
Weighted Average TRY Deposit Rate	43.6 % annualized	Annualized deposit rate, 1pp below policy rate
Commercial Loan Rate	52.9 % annualized	Annualized commercial loan rates in Turkey