Reserve watch

Note on methodology:  We utilise banking sector total on & off-B/S FX position changes, interest adjusted change in public sector FX debt, and changes in CBRT's analytical FX balance sheet.  The main caveat in our calculation is the assumption that, off-B/S net FX assets of the banking sector consist of FX swaps with the exception of other FX liabilities of the CBRT (II-3 reported here).  

Hence, off-B/S FX assets of the banking sector other than swaps & ıı-3 (e.g. out of money FX options accounted in face value rather than delta) could cause distortions in our estimates.