"The Central Bank of the Republic of Turkey is holding private discussions to utilize its vast gold reserves to counter currency volatility linked to the ongoing war in Iran as of March 24, 2026. This potential strategy involves conducting swap transactions in the London market to bolster foreign currency liquidity and defend the lira's value, according to Bloomberg."
"Turkey currently holds gold reserves valued at approximately $135 billion, with an estimated $30 billion stored at the Bank of England available for intervention. These measures are vital as the nation faces a 31.5% inflation rate and rising energy costs that threaten the local balance of payments."
"Officials have already tightened liquidity and offloaded $16 billion in foreign-currency bonds to manage the crisis. While the benchmark interest rate remains at 37%, policymakers are shifting toward costlier funding windows to curb the rapid depreciation of the local currency."
The Central Bank of the Republic of Turkey is considering using its gold reserves to stabilize the lira, which is facing volatility due to the Iran war. The strategy includes gold-for-foreign currency swaps to enhance liquidity. Turkey's gold reserves are valued at approximately $135 billion, with $30 billion available for intervention. The country is experiencing a 31.5% inflation rate and rising energy costs. Officials have tightened liquidity and sold $16 billion in foreign-currency bonds to manage the crisis, while the benchmark interest rate remains at 37%.
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