Title: Increase in Turkish Central Bank Reserves to Record High

According to calculations by four bankers, on Tuesday, the total reserves of the Turkish central bank increased by nearly $1 billion last week to a record level of approximately $142.5 billion, continuing to rise since the bank adopted a more traditional monetary policy after the May elections. The central bank has raised interest rates by 3,150 basis points since June, when President Recep Tayyip Erdoğan appointed former Wall Street banker Hafize Gaye Erkan as the bank's governor. Additionally, the bank raised the interest rate by 500 basis points in each of the past three months.