Gold Surge Elevates Turkish Central Bank Reserves to Record High | Daily Sabah
Unprecedented Gold Price Surge Boosts Turkish Central Bank’s Reserves
Turkish Central Bank’s Reserves Reach All-Time High
The latest statistics reveal that the reserves of the Central Bank of the Republic of Türkiye (CBRT) have soared to unprecedented levels, driven by a remarkable surge in gold prices. As of October 3, the bank’s gross international reserves hit a record high of $186.2 billion, marking an increase from the previous week’s $183 billion.
Gold and Foreign Currency Reserves See Significant Growth
In the past week, Turkey’s foreign currency reserves in convertible currencies experienced a 0.4% increase, totaling $79.3 billion. Concurrently, the central bank’s gold reserves, which include gold deposits and swaps, witnessed a 3% climb, reaching $99.2 billion. The escalation in gold prices, with the spot price surpassing $4,000 per ounce, has played a critical role in this growth.
Impact of Global Economic Uncertainty on Gold Demand
The rise in gold prices can largely be attributed to global economic and political uncertainties, prompting investors to seek refuge in the precious metal. Central banks globally are amplifying their gold reserves amid growing geopolitical tensions and trade shifts, initiated by tariffs from the U.S. administration.
Increase in Net Reserves and IMF Position
In the week leading to October 3, the central bank’s net reserves surged from $72.7 billion to $75.2 billion. Excluding swaps, net reserves rose to $59.5 billion from $57.2 billion. Additionally, the bank’s position with the International Monetary Fund (IMF) and special drawing rights experienced a slight uptick of 0.1%, reaching $7.8 billion.
- Gross Reserves: $186.2 billion
- Gold Reserves: $99.2 billion
- Foreign Currency Reserves: $79.3 billion
- Net Reserves: $75.2 billion
- IMF Position and Special Drawing Rights: $7.8 billion
For more updates on economic trends in Türkiye and the region, visit Emegypt to stay informed.
