The Central Bank of Turkey is aggressively selling gold! Nearly 120 tons sold

MaticHoleFiller · 2026-04-12T08:18:18+00:00

Turkey faces energy supply shortages and depreciation pressure on the lira due to Middle East conflicts. Over the past two weeks, gold reserves have decreased by nearly 120 tons, setting a record. The central bank is stabilizing the currency by using swap transactions and selling gold to maintain market liquidity.

MaticHoleFiller

2026-04-12 08:18:18

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Source: CCTV Finance

Reuters recently reported that in response to energy supply shortages caused by the Middle East conflict and the Turkish lira depreciation pressure, Turkey’s gold reserves have decreased significantly by nearly 120 tons over the past two weeks, marking the largest two-week decline since records began in 2013.

Data released by the Central Bank of Turkey on April 2 shows that, as of the week ending March 28, the country’s gold reserves decreased by 69.1 tons, with a total reduction of 118.4 tons over the past two weeks, bringing Turkey’s total gold reserves down to 702.5 tons. According to informed sources, of the 69.1 tons of gold reserves reduced by Turkey, about 26 tons were sold, and approximately 42 tons were used for swap transactions.

The essence of swap transactions is “exchanging gold for foreign exchange, redeeming at maturity,” meaning the central bank hands over gold to the counterparty in exchange for an equivalent amount of US dollars, while signing a forward contract to buy back the gold at a slightly higher price in the future. It is a form of short-term financing, not a permanent liquidation.

Analysts say that Turkey’s main goal with this move is to maintain the stability of its national currency. Since the outbreak of the Middle East conflict, global energy prices have surged sharply, and Turkey, which is highly dependent on energy imports, has faced increased foreign exchange payment pressures. Meanwhile, risk aversion has risen in the market, and the Turkish lira is under depreciation pressure. The Turkish central bank has had to intensify intervention efforts to support the lira’s exchange rate and improve market liquidity.

Source: CCTV Finance

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