Central Bank resumed foreign exchange sales to BOTAŞ

Foreign exchange sales to BOTAŞ, which were reset within the scope of the strategy of strengthening reserves, resumed.

The Central Bank of the Republic of Turkey (CBRT) sold 269 million dollars to BOTAŞ in June.

Foreign exchange sales to BOTAŞ were reset in January after 6 years. In the January-May period, no foreign exchange sales were made to BOTAŞ.

CBRT has been selling foreign currency to BOTAŞ since December 2014. After the start of foreign exchange sales in December 2014, over 1 billion dollars were sold to BOTAŞ in the following 4 months.

Since 2014, a total of 44.9 billion dollars of foreign exchange sales have been made to the CBRT BOTAŞ. In the 6-year period, 2015 was recorded as the year with the highest foreign exchange sales. In 2015, the CBRT sold USD 10.5 billion in foreign exchange to BOTAŞ. The year with the lowest sales was 2016.

A gradual decline message was given in the Monetary and Exchange Rate Policy text.

In the 2021 Monetary and Exchange Rate Policy Text, which CBRT President Şahap Kavcıoğlu said will be a ‘road map’ in his previous statements, it was emphasized that the gradual reduction of the amount of foreign exchange sales made to BOTAŞ as the market conditions allowed.

Regarding the subject in the text, “The necessary part of the foreign exchange needs of energy importing state-owned enterprises will be directly met by the Ministry of Treasury and Finance and the CBRT according to market conditions. In this context, the amount of foreign exchange sales will be reduced gradually as long as market conditions allow.” statements were included.

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