Published: 2019.06.07. Turkey: more gold - less dollars

Turkey: more gold - less dollars - Preview

The Central Bank of Turkey (TCMB) continues to pursue a policy of increasing the country's gold reserves, while reducing the share of the US dollar in them. This is evident from the data for April 2019.

According to published data, the total value of Turkey’s international reserves at the end of April this year is $ 92.75 billion. Compared with March, the decline was -3.6%, or $ 3.51 billion. At the same time, foreign exchange reserves accounted for $ 70.74 billion - a decline of -4.3%, or $ 3.19 billion.

Currently, Turkey’s gold reserves amount to 16.003 million ounces, which corresponds to 497.75 tons, although a month earlier this volume was equal to 15.943 million ounces. Thus, in April, the Central Bank of Turkey added 1.89 tons of yellow precious metal to the reserves. The cost of gold reserves is estimated at $ 20.518 billion. At the same time, the share of gold in Turkey’s total reserves is 22%. Speaking about Turkey’s gold reserves, one should always remember that the Central Bank of the country keeps gold in commercial banks as collateral. This volume is 293.6 tons.