Turkey’s Central Bank Sells Record 118 Tonnes of Gold
Turkeyβs central bank has liquidated or swapped more than 118 tonnes of gold reserves in just two weeksβthe largest drawdown since at least 2013βwhile selling $26 billion in foreign currency to defend the lira and markets amid surging energy prices and capital flight from the Iran conflict. Net international reserves…
- β Domestic dollarisation accelerates as households and corporates observe the central bank itself liquidating gold, reinforcing preference for hard assets over TRY deposits.
- β Higher energy import bill from sustained oil/gas prices feeds directly into Turkeyβs current-account deficit, forcing further reserve usage or rate hikes later in 2026.
- +3 more β
