Turkey has sold or loaned out $20bn tonnes of gold since the outbreak of the war in Iran, in a flurry of bullion disposals that contributed to the biggest monthly price drop for the metal since 2008.
The Central Bank of the Republic of Turkey sold 52 tonnes of gold between Feb 27 and March 27, according to analysis by consultancy Metals Focus based on official data, bringing Turkey’s net central bank holdings to 440 tonnes, their lowest level in more than two years.
The central bank also arranged about 79 tonnes of gold swaps — which involve leasing out gold bars to generate income and add to downward pressure on bullion prices by increasing the supply available to markets — during the period, as it battled to support the value of the lira.
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