Turkey’s Central Bank transfers its gold reserves from US to Turkey

Realizing that the allied relations between Turkey and the US are preserved only in words, Ankara takes preventive actions in anticipation of sanctions from Washington. Turkey’s Central Bank has transferred its gold reserves stored in the US Federal Reserve System to Turkey, Turkish media reported April 19, citing sources in the government. The total volume of the gold reserves of Turkey’s Central Bank stored in the US was 220 tons. Other Turkish banks, Ziraat and Vakifbank, have also started transferring a gold reserve of 95 tons from abroad, responding to President Recep Tayyip Erdogan's call "to get rid of exchange rate's pressure and to use gold against the dollar." The Turkish Central Bank’s gold reserves amounted to $25.3 billion in March 2018, according to the bank’s report. The decision is also in line with international trends as storage of gold reserves out of the country is now considered risky by more and more central banks. Au...

from GoldBroker.com https://www.goldbroker.com/news/turkeys-central-bank-transfers-its-gold-reserves-from-us-to-turkey-1302