Turkey’s official reserve statistics indicate the central bank moved approximately 60 tons of gold out of its holdings over a two-week span immediately following the start of the war in Iran. The total is valued at more than $8 billion based on the figures cited within the reserve reporting periods.
Data published by the central bank show a decline of 6 tons in the week of March 13, followed by a 52.4-ton reduction in the week of March 20. The combined 58.4-ton decline is recorded across the two consecutive weekly reporting periods and represents a marked drawdown in the country’s gold reserves.
People familiar with the transactions indicated the central bank executed a mix of outright gold sales and swap operations. While some of the bullion was sold, the larger portion of the movement involved swaps that effectively delivered foreign exchange or local currency liquidity - operations designed to secure foreign exchange or liras through contractual arrangements rather than immediate spot sales.
Those transactions took place in the two weeks after the war in Iran began and coincided with downward pressure on bullion prices. Market observers noted that the volume of gold entering the market via sales and swap settlements contributed to that price pressure during the period in question.
Context from the reserve reports
The central bank’s weekly reserve breakdown explicitly records the tonnage changes for the two weeks referenced. The reported totals reflect the net contraction in gold holdings without additional commentary on future intentions or policy settings from the central bank itself.
Implications reported
- The shift included both sales and swaps, with swaps used to obtain foreign exchange or lira liquidity.
- The transactions were clustered in the immediate two-week period after the war in Iran began.
- Market effects included additional downward pressure on bullion prices during that time.
Beyond the figures and the description of the transaction types, the reserve reports do not provide further explanation of timing, counterparties, or the central bank’s broader strategic intent. The data instead present the measurable outcome: a significant, short-term reduction in Turkey’s gold reserves.