Last year, Turkey was the front runner among central banks when it came to gold purchases.
(Photo: dpa)
Frankfurt Turkey’s central bank dumped dozens of tons of gold on the market in the weeks leading up to the presidential election. According to the latest figures available from the World Gold Council (WGC), the Turkish central bank sold around 15 tons in March.
At the end of April, the Bloomberg news agency reported that the central bank’s gold reserves had fallen by nine percent in seven weeks. This corresponds to a sale of a good 50 tons.
The gold sales of the Turkish central bank continued unabated even during the final spurt of the election campaign in May, as the Handelsblatt learned from industry circles. According to this, Turkey could have sold more than a hundred tons of the precious metal between March and mid-May.
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