Turkey’s Central Bank Prepares Gold Sell-Off to Defend Lira Amid Iran Conflict

From english.pravda.ru

According to the agency's sources, the regulator has already discussed plans to exchange gold for foreign currency on the London market. Economist Fatih Akcelik from JPMorgan Chase & Co. estimates that precious metals worth around $30 billion out of Turkey's total $135 billion in assets held at the Bank of England could be used for such operations. However, this estimate remains approximate, as gold prices have recently declined significantly after retreating from historical highs. Inflation in Turkey resumed its upward trend in February, reaching 31.53 percent compared to 30.65 percent in January. In March, amid the ... (full story)