Flows & Reserves#
In the week to 09 Oct 2026, foreigners net bought $203 million of Turkish government securities and equities.
Notes
Non-residents now hold 6.8% of the government securities market. Gross reserves stand at $171.6bn. Net reserves (A.1 − P.1) stand at $44.5bn.
Foreign Flows#
These are the weekly net purchases (positive) or net sales (negative) of Turkish government domestic debt securities and equities by non-residents.
Notes
They come from the CBRT survey of the securities portfolio held by non-residents. Bars show the raw weekly figure. The right-axis line is the sum of the last 13 weeks, which smooths the week-to-week noise. The right panel compares the cumulative flow of this year with the two years before it, by week of the year.
Weekly Net Flows#
- Shows
- The weekly net flow of non-residents into Turkish government securities and equities, in $ million.
- Violet bars
- Government domestic debt securities.
- Lavender bars
- Equities.
- Black line
- The sum of the last 13 weeks, on the right axis.
- Read it as
- Bars above zero are net purchases. Bars below zero are net sales.
- Limit
- Weekly values are noisy. Read the black line for the trend.
- Terms
- Government securities, $ million · Equities, $ million · 13-week total, $ million
Cumulative Flow, Year-to-Date#
- Shows
- The running total of non-resident net flows since the start of the year, for the last three years.
- Each line
- One year. The thick line is the current year.
- Read it as
- A line that rises is net buying. Compare the years at the same week number.
- Terms
- Cumulative flow, $ million
Last 12 weeks ($ million)#
- Shows
- The last 12 weeks of non-resident net flows, in $ million.
- Each row
- One week. The latest week is at the top.
- Colour
- Red is a net sale. Violet is a net purchase.
- Click
- Click the 13-week total to see its calculation.
- Terms
- Government securities, $ million · Equities, $ million · 13-week total, $ million
| Week | Government securities, $ million | Equities, $ million | 13-week total, $ million |
|---|---|---|---|
| 9 Oct 2026 | +451 | -248 | +1,057 |
| 2 Oct 2026 | -485 | -190 | +2,113 |
| 25 Sep 2026 | -410 | +359 | +3,020 |
| 18 Sep 2026 | -114 | -110 | +3,723 |
| 11 Sep 2026 | +151 | +278 | +4,753 |
| 4 Sep 2026 | +157 | -648 | +4,635 |
| 28 Aug 2026 | -87 | +329 | +3,990 |
| 21 Aug 2026 | -1 | +150 | +3,522 |
| 14 Aug 2026 | -306 | +176 | +2,745 |
| 7 Aug 2026 | +546 | +2 | +2,592 |
| 31 Jul 2026 | +164 | -186 | +2,441 |
| 24 Jul 2026 | +806 | +39 | +1,952 |
CBRT EVDS (bie_mknethar) · latest week to 09 Oct 2026
Foreign Holdings#
These are the non-resident holdings of Turkish government domestic debt securities, with their share of the whole market on the right axis.
Notes
The share uses the market value in lira. The panel next to it shows the 2-year TRY Treasury compound yield over the same weeks. So you can read accumulation or selling against the level of yields that foreigners are offered.
Non-Resident Holdings of Government Securities#
- Shows
- How much of the government securities market non-residents hold.
- Violet area
- The holdings in billion dollars, on the left axis.
- Dotted line
- The share of the whole market, on the right axis.
- Limit
- The holdings change with flows, prices and the exchange rate. The share uses the lira value.
- Terms
- Non-resident holdings · Non-resident share
2-Year Treasury Yield#
- Shows
- The 2-year Treasury yield over the same weeks, to read flows against the yield that investors earn.
- Read it as
- Compare the line with the holdings chart. Accumulation at a higher yield is a different signal from accumulation at a lower yield.
- Limit
- The line shows the last business day of each week.
- Terms
- 2-year Treasury yield
CBRT EVDS (bie_mknethar, bie_dibspiydeg) · BIST TRY nominal Treasury curve · latest week to 09 Oct 2026
TL Carry#
A 3-month TL deposit opened in the week to 9 Oct 2026 pays 43.20% against 2.75% on a USD deposit.
Notes
That is a 39.4% annual carry. USD/TRY can rise to 53.41 by 8 Jan 2027 before the dollar deposit pays more. The rates are CBRT weekly averages for new deposits up to 3 months. They are effective annual rates, so carry = (1 + TL) ÷ (1 + USD) − 1, not the difference. Each bar shows what a TL deposit earned over a USD deposit of the same week. The comparison converts back at the CBRT indicative USD/TRY mid 91 days later. The bars stop 13 weeks before today, because those deposits have not matured. The break-even line is plotted at the maturity date of each deposit, so its last 13 weeks run ahead of the spot line. Onshore deposit rates are what Turkish savers are offered. They are not offshore funding costs. The FX-swap-implied TRY rate on the Curves page is the offshore view.
TL and USD Deposit, 13-Week Result#
- Shows
- What a 3-month lira deposit earned over a dollar deposit of the same week, 13 weeks later.
- Bars
- The realised excess return. Violet is a win for the lira deposit. Red is a loss.
- Black line
- The carry that the deposit locked in when it opened.
- Read it as
- A bar below the black line means that the lira fell by part of the carry. A bar below zero means that it fell by more.
- Limit
- The bars stop 13 weeks before the latest date, because those deposits have not matured.
- Terms
- Excess return over 13 weeks · Carry over 13 weeks
Break-Even and Spot USD/TRY#
- Shows
- USD/TRY and the rate at which a lira deposit and a dollar deposit give the same return.
- Black line
- USD/TRY, the CBRT indicative mid.
- Dashed violet line
- The break-even rate at the maturity date of each deposit.
- Read it as
- When the black line is below the dashed line, the lira deposit won.
- Limit
- The dashed line runs 13 weeks ahead of the black line, because each point sits at a maturity date.
- Terms
- USD/TRY · Break-even USD/TRY
Carry measures, latest week#
- Shows
- The latest carry of a lira deposit over a dollar deposit, and how it did in the past.
- Each row
- One measure. The basis column says what the value covers.
- Click
- Click a value to see its calculation.
- Limit
- Rates are the CBRT weekly rates on new deposits. They are onshore rates, not offshore funding costs.
- Terms
- Carry, annual · Break-even USD/TRY · Carry ÷ realised volatility · TL won, last 3 years · Worst matured window
| Measure | Value | Basis |
|---|---|---|
| 3-month TL deposit rate | 43.20% | new deposits, week to 9 Oct 2026 |
| 3-month USD deposit rate | 2.75% | new deposits, week to 9 Oct 2026 |
| Carry, annual | 39.4% | (1 + TL) ÷ (1 + USD) − 1 |
| Break-even USD/TRY | 53.41 | on 8 Jan 2027. Spot USD/TRY is 49.17. |
| Carry ÷ realised volatility | 28.4× | USD/TRY volatility 1.2% a year |
| TL won, last 3 years | 98% | of 145 matured 13-week windows |
| Worst matured window | -42.1% | opened 17 Sep 2021 |
CBRT EVDS (bie_mt100h, bie_dkdovytl) · latest 9 Oct 2026
Reserves#
Gross reserves are gold plus foreign exchange, the CBRT headline.
Notes
Net reserves are A.1 foreign assets minus P.1 total foreign liabilities from the analytical balance sheet. These are the standard balance-sheet definitions. This page does not net out the FX and gold swap stock of the CBRT with domestic banks. The next section charts that stock. The series bie_swaptektarf reports a buy side and a sell side outstanding stock. The stock covers several swap instruments: the TRY currency swap, the gold swap, and the traditional and quantity auctions. The series names do not show, with the confidence that this page needs, which side is a liability of the CBRT. That side would be the one that the CBRT must pay back to banks. A wrong sign would silently misstate net reserves, so the build omits the figure. The raw swap stock is in the CBRT FX Exposures section, so that readers can form their own view.
Gross Reserves#
- Shows
- The gold and foreign exchange reserves of the CBRT, in billion dollars.
- Each band
- One part: gold or foreign exchange.
- Black line
- Total gross reserves.
- Limit
- Gross reserves do not subtract foreign liabilities or swaps. Read the net reserves chart next to it.
- Terms
- Gold · Foreign exchange · Gross reserves
Net Reserves (A.1 − P.1)#
- Shows
- The foreign assets and foreign liabilities of the CBRT, and the net reserves between them.
- Violet line
- A.1 foreign assets.
- Lavender line
- P.1 total foreign liabilities.
- Black line
- Net reserves: A.1 minus P.1.
- Limit
- The lira values are converted to dollars with the selling rate. The figure does not net out swaps with banks.
- Terms
- Foreign assets · Foreign liabilities · Net reserves
CBRT EVDS (bie_abres2, bie_abanlbil, bie_dkdovytl) · latest week to 09 Oct 2026
CBRT FX Exposures#
This section shows the outstanding FX and gold swap stock of the CBRT with domestic banks, on the buy side and on the sell side.
Notes
The two sides need not net to zero across instrument types. It also shows the lira-settled FX short position: the VIOP futures, the forwards of the CBRT and the total that the CBRT reports. The total is not the sum of the two parts.
Swap Stock with Banks#
- Shows
- The outstanding swap transactions of the CBRT with banks, in billion dollars.
- Violet line
- The buy side.
- Red line
- The sell side.
- Limit
- The series names do not say which side the CBRT is on. The site does not net the sides or subtract them from reserves.
- Terms
- Swap stock, buy side · Swap stock, sell side
Lira-Settled FX Forward and Futures Short Position#
- Shows
- The lira-settled FX short position, in $ million.
- Bands
- The VIOP futures and the CBRT forwards.
- Black line
- The total FX short position, as the CBRT reports it.
- Limit
- The total is often above the sum of the two bands. The CBRT table does not say what else it includes.
- Terms
- VIOP futures, $ million · CBRT forwards, $ million · Total short position, $ million
CBRT EVDS (bie_swaptektarf, bie_tluzvdov) · latest week to 23 Oct 2026
Balance of Payments#
This section shows the current account over rolling 12 months and how it was financed.
Notes
Each bar is the net figure that the CBRT publishes for one category of the balance of payments. It is the net acquisition of financial assets minus the net incurrence of liabilities. A negative bar means that Türkiye net incurred liabilities or net sold assets in that category. That is a capital inflow that helps finance a current account deficit. A positive bar means the opposite. Net errors and omissions is shown with the opposite sign, so the stack equals the current plus capital account line. The bars add up to that line in every archived month, with no residual. Reserve assets follow the same rule: net acquisition (reserves built up) is positive. A net reduction (reserves drawn down to help finance a deficit) is negative. A separate panel splits the liability side of portfolio investment into equity and fund shares and debt securities. It shows foreign financing only, so it does not add up to the official portfolio investment bar.
How It Is Financed#
- Shows
- How the current account and the capital account were financed, over rolling 12 months, in billion dollars.
- Each bar
- One part of the financial account. A negative bar is an inflow of capital. A positive bar is an outflow.
- Black line
- The current account plus the capital account.
- Read it as
- The bars add up to the black line. Net errors and omissions is shown with the opposite sign so that they do.
- Limit
- Reserve assets are positive when the CBRT builds reserves and negative when it draws them down.
- Terms
- Direct investment · Portfolio investment · Financial derivatives · Other investment · Reserve assets · Net errors and omissions · Current plus capital account
Current Account#
- Shows
- The current account over rolling 12 months, in billion dollars.
- Read it as
- Below zero is a deficit. A deficit needs financing from abroad.
- Terms
- Current account
Portfolio Financing Detail — Equity and Debt#
- Shows
- Foreign purchases of Turkish equity and debt, over rolling 12 months, in billion dollars.
- Each bar
- Equity and fund shares, and debt securities. Positive means net foreign purchases.
- Limit
- The bars show the liability side only. They do not add up to the portfolio investment bar of the financing chart.
- Terms
- Equity and fund shares · Debt securities
The bars show the liability side only: foreign purchases of Turkish securities. They leave out the small asset-side flow of Turkish residents who buy foreign portfolio securities. So the two bars do not add up to the official portfolio investment figure above.
CBRT EVDS (bie_odeayrsunum6) · latest Aug 2026
Corporate FX Position#
This section shows the FX assets, the FX liabilities and the net open FX position of non-financial companies.
Notes
It also shows the short-term part of the net position, which is the near-term rollover risk. The short-term part can have the opposite sign to the total. Short-term FX assets can exceed short-term FX liabilities even when the whole book is deeply net short.
Net FX Position#
- Shows
- The net FX position of non-financial companies, in billion dollars.
- Red line
- The total net position.
- Dotted lavender line
- The short-term net position.
- Read it as
- Below zero, companies owe more in foreign currency than they hold.
- Limit
- The short-term line can have the opposite sign to the total.
- Terms
- Net FX position · Short-term net FX position
FX Assets and Liabilities#
- Shows
- The foreign currency assets and liabilities of non-financial companies, in billion dollars.
- Violet line
- FX assets.
- Black line
- FX liabilities.
- Read it as
- The gap between the lines is the net FX position.
- Terms
- FX assets · FX liabilities
CBRT EVDS (bie_fdvy) · latest Jul 2026