OREANDA-NEWS By the end of the year, the reserves of the Turkish Central Bank reached $145.5 billion, which was a historic high. Since the end of May, when the country's economic and financial policy changed, they have grown by 47 billion. This was reported by RIA Novosti with reference to data from local media.

Since June, the Turkish regulator has announced the beginning of a cycle of monetary policy tightening to combat inflation, which directly contradicted the approach of President Recep Tayyip Erdogan in recent years. The head of state, on the contrary, demanded a reduction in the rate.

Since then, the interest rate in the country has increased from 8.5 to 42.5 percent. At the same time, the Central Bank indicates that inflation expectations have begun to show signs of improvement, and therefore the end of the tightening cycle of the PREP is already close.

Along with the minimum rate against the dollar, the Turkish lira has also been updated many times. The regulator refuses to spend money to maintain its exchange rate, which allows it to accumulate reserves.

Earlier, Russian Finance Minister Anton Siluanov said that the government would not allow the National Welfare Fund (NWF) to be completely exhausted in the coming year. According to him, if the expenses from it exceed the expected level, which may happen due to too significant a drop in oil prices, the authorities will use other balancing measures. The head of the department did not specify which ones.