IV Macro Policy & Sovereign Debt
Net reserves excluding swaps
The part of a central bank's foreign currency reserves it truly owns, after subtracting liabilities and currency borrowed temporarily through swaps.
How it works
Gross reserves are all the foreign currency and gold a central bank holds. The figure can look strong because it includes currency borrowed from banks and from other central banks.
Net reserves subtract short-term foreign currency liabilities from the gross figure. Net reserves excluding swaps go one step further and also remove currency obtained through swap agreements, which must be handed back at maturity. What remains is the buffer the central bank can actually spend against pressure on the exchange rate.
The CBRT publishes its reserve data using the IMF template for international reserves and foreign currency liquidity, which lists predetermined short-term net drains separately. Net reserves excluding swaps appear as a separate series in CBRT presentations; the Inflation Report presentation of 13 August 2026 shows it alongside gross reserves as of 12 August 2026.
The trap: gross reserves can rise while net reserves excluding swaps shrink. Read the two series together and watch the weekly change.
Why it matters here
Türkiye imports most of its energy and pays in foreign currency. When oil and gas prices jump, the current account deficit widens, and the central bank's reserves are the first buffer against pressure on the lira. Net reserves excluding swaps show how thick that buffer really is; in weeks when they fall, CDS spreads and the currency are more fragile than the gross figure suggests.