Total reserves represent 90 percent of lira money supply. Value of Gross FX reserves up ten percent and gold nine percent

The Central Bank (BDL) reserves in foreign currencies reached $40.71 billion at the end of last year, an increase of around ten percent from 2015.

Bank expert Joe Sarrouh said: "The main reason is the financial engineering adopted by BDL, and its effect on foreign deposits."

Sarrouh said: "Higher reserves ensure more confidence in the banking sector and more stability for the lira."

Gold reserves also increased nine percent at the end of 2016.

Total reserves (gold ...

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