Turkey’s gold reserves rise sharply

According to the World Gold Council, Turkey’s gold reserves increased by more than 40 tonnes of gold in August. Official holdings, including bank deposits, increased by only 7 tonnes.

Less foreign exchange

The Central Bank of Turkey (TCMB) has published figures on its foreign reserve assets as at 31 August 2019. According to the latest figures, Turkey’s total reserves amounted to USD 101.55 billion. Compared to the previous month, this represents an increase of 2.2 percent or 2.2 billion US dollars. Currency holdings fell by 11 million US dollars.

 

Significantly more gold

Gold reserves have risen sharply. They are now valued at 16.675 million ounces or 518.65 tonnes. That would be 228,000 ounces or 7.09 tonnes more than a month ago. The sharp rise in the price of gold over this period has increased the value of Turkey’s gold reserves by 1.09 billion US dollars or 9.4 percent to 25.70 billion US dollars. The figures also include gold deposited by Turkish commercial banks with the central bank.

 

41 tons of gold bought?

Interestingly, in its latest monthly report, the World Gold Council reports an increase in Turkey’s purely state-owned gold reserves by 41.8 tonnes to a total of 362.5 tonnes (gold market: these countries have struck!). The organisation usually obtains its data from the International Monetary Fund. Conversely, this would mean that Turkish banks withdrew 34.71 tonnes of gold from central bank stocks in the same period. According to the official TCMB data, gold accounted for 25.3 per cent of Turkey’s total reserves. In the previous month the figure had been 23.6 per cent.