Turkey central bank sells, swaps 60 tons of gold after Iran war

Investing.com - Turkey’s central bank sold and swapped approximately 60 tons of gold valued at more than $8 billion over two weeks following the start of the war in Iran, according to Bloomberg.

Turkish gold reserves declined by 6 tons in the week of March 13 and another 52.4 tons in the week of March 20, the latest central bank data shows. The drawdown marks a sharp reduction in the country’s reserves.

Some of the gold was sold outright, while the majority was used to secure foreign exchange or liras through swap agreements, people familiar with the matter said.

The sales and swaps occurred in the two weeks after the war in Iran began. The transactions added to downward pressure on bullion prices.

The central bank published the reserve data showing the 58.4-ton total decline across the two weekly reporting periods.