The Turkish central bank’s net forex reserves dropped into negative territory for the first time since 2002, standing at $-151.3 million on May 19, official data showed on Thursday, as it sought to counter forex demand ahead of Sunday’s runoff vote.

President Tayyip Erdogan led rival Kemal Kilicdaroglu comfortably in the presidential vote on May 14 but he fell just shy of the 50% needed to win outright. The outcome will be decided in a May 28 runoff.

Forex demand in Turkey surged to record levels ahead of May 14 on companies’ and individuals’ expectations that the lira, which lost 44% in 2021 and 30% in 2022, will plunge after the vote.

The central bank’s forex reserves have sagged in recent years due to costly market interventions and other efforts to cool forex demand.

The bank’s net reserves dropped by $2.48 billion in the week to May 19, to their lowest level since February 2002. They have dropped $27.7 billion since the end of 2022.

The exchange rate used by Reuters on Thursday was 19.7607. The net forex reserves are pushed deeper into negative territory once outstanding swaps, which stood at $33.50 billion on Wednesday, are deducted.

In the first five weeks of 2002, net reserves were in negative territory, according to official data that goes back to the beginning of that year.

Date Net international Net international reserves(mln lira) reserves (mln USD)

-2,989 -151

19-05-2023

45,455 2,325

12-05-2023

131,982 6,781

05-05-2023

123,478 6,361

28-04-2023

160,742 8,294

21-04-2023

232,594 12,047

14-04-2023

264,885 13,770

07-04-2023

353,626 18,470

31-03-2023

360,025 18,926

24-03-2023

379,267 19,987

17-03-2023

353,057 18,618

10-03-2023

390,262 20,685

03-03-2023

380,790 20,196

24-02-2023

402,962 21,398

17-02-2023

459,698 24,438

10-02-2023

509,094 27,090

03-02-2023

484,844 25,810

27-01-2023

501,579 26,716

20-01-2023

466,890 24,886

13-01-2023

455,489 24,307

06-01-2023

514,984 27,544

30-12-2022

497,410 26,668

23-12-2022

523,937 28,130

16-12-2022

498,206 26,756

09-12-2022

430,273 23,118

02-12-2022

362,915 19,507

25-11-2022

348,590 18,746

18-11-2022

338,707 18,230   11-11-2022

270,255 14,532

04-11-2022

249,925 13,446

28-10-2022   214,663 11,560   21-10-2022

261,478 14,084   14-10-2022

230,886 12,441

07-10-2022

179,900 9,722

30-09-2022

177,303 9,667   23-09-2022

220,557 12,090

16-09-2022

256,621 14,085   09-09-2022   256,040 14,083

02-09-2022

228,983 12,618

26-08-2022

249,442 13,882

19-08-2022

281,262 15,682

12-08-2022

211,824 11,811

05-08-2022

163,261 9,118

29-07-2022   118,105 6,700

22-07-2022

110,970 6,356

15-07-2022

104,818 6,073

08-07-2022

125,185 7,514

01-07-2022

130,637 7,531

24-06-2022

127,601 7,381

17-06-2022

140,203 8,152

10-06-2022

172,885 10,517

03-06-2022

199,511 12,189

27-05-2022

152,223 9,561

20-05-2022

176,994 11,529

13-05-2022

222,391 14,995

06-05-2022

251,397 17,010

29-04-2022

251,640 17,165

22-04-2022

279,135 19,128

15-04-2022

269,590 18,303

08-04-2022

01-04-2022 240,065 16,401

25-03-2022 236,508 15,955

18-03-2022 252,309 17,199

233,847 15,861

11-03-2022

256,101 18,148

04-03-2022

258,873 18,119

25-02-2022

269,383 19,802

18-02-2022

214,035 15,817

11-02-2022

221,360 16,331

04-02-2022

143,166 10,532

28-01-2022

124,610 9,269

21-01-2022

102,192 7,547

14-01-2022

108,359 7,947

07-01-2022

108,219 8,339

31-12-2021

118,321 15,530

25-12-2020

243,910 41,130

27-12-2019

159,352 30,130

28-12-2018

Note: The figures are released every week on the central bank balance sheet as per a letter of intent with the International Monetary Fund dated 18 January 2002. The figures are released in Turkish liras and are converted by Reuters to U.S. dollars using the central bank’s official exchange rate from the previous work day.