The Turkish central bank’s net international reserves leapt some $3.6 billion to $26.76 billion in the week to Dec. 9, hitting their highest level this year, central bank data showed on Thursday.

The exchange rate used by Reuters on Thursday was 18.6202. In July, the net forex reserves dropped to $6.07 billion, their lowest in at least 20 years, but since rebounded.

Forex reserves have dropped sharply in recent years due to market interventions and in the wake of a currency crisis in December. The lira lost 44 per cent of its value against dollar last year.

The currency is down some 29 per cent against the greenback this year and inflation is still hovering around its highest in 24 years.

Note: The figures are released every week on the central bank balance sheet as per a letter of intent with the International Monetary Fund dated 18 January 2002. The figures are released in Turkish liras and are converted by Reuters to US dollars using the central bank’s official exchange rate from the previous work day.