A sharp drop in Turkey’s foreign reserves since the Iran war began is calling into question its exchange rate policy and whether the central bank will have to tap into its gold holdings to prop up the currency, fund managers and economists said.
Rapid outflows of foreign money over the past three weeks have prompted Turkey’s central bank to spend about $30bn to keep the lira stable — almost as much as during the financial panic that followed the arrest of Istanbul mayor Ekrem İmamoğlu last year.
“The central bank’s current foreign exchange policy can’t last much longer at this pace of reserves loss — unless they sell some of their gold reserves,” said Kieran Curtis, emerging markets fund manager at Aberdeen.
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