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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 366.51+1.2%Nov 5 4:00 PM EST
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To: bull_dozer who wrote (190606)8/5/2022 2:17:23 PM
From: bull_dozer1 Recommendation

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fred woodall

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Turkish Central Bank Sends Gold To London. In Need for FX?

After having repatriated 104 tonnes from the Bank of England (BOE) in 2018, the Central Bank of Turkey (CBRT) has been sending gold back to London in 2020 and 2021. Amid economic turmoil that’s weakening the Turkish lira, CBRT is likely using its gold at BOE as collateral for foreign exchange (FX) loans. Turkey’s situation is reminiscent of Venezuela several years ago.

Computing Turkey’s net gold reserves is complicated, because since 2011 CBRT and the Turkish Treasury have launched several schemes to borrow gold, which all show up on the central bank’s balance sheet. Simplified, what I have done is take the tonnage “owned by the central bank” in CBRT’s annual report—this excludes gold submitted by banks for reserve requirements and the Treasury’s gold—and subtracted outstanding Turkish lira for gold swaps*.

gainesvillecoins.com
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