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Turkish central bank ranks 10th in global gold reserves
Tue Sep 24 2024
The Central Bank of the Republic of Türkiye (CBRT) increased its gold reserves to a record 589 tons in July, securing its position as the world’s 10th largest gold reserve holder.
According to data from the World Gold Council, the CBRT added 4 tons to its reserves in July alone. Despite record-high gold prices, the central bank has continued its purchases, acquiring nearly 50 tons of gold since the beginning of the year.
Gold reserves (Tonnes): Q2 2024 Snapsho,t, Central Bank of Republic of Türkiye ranks 10th in global gold reserves (Source: World Gold Council)
For 14 consecutive months, the CBRT has consistently added to its gold reserves, surpassing its previous record of 587 tons set in February 2023 and now reaching 589 tons.
FED leads, Türkiye ranks 10th
According to the World Gold Council’s second-quarter report, the CBRT was the top gold buyer globally in the first eight months of the year. Following Türkiye are India, Poland, and China, while Azerbaijan’s state oil fund stands out in fifth place.
In terms of total reserves, the U.S. Federal Reserve leads with a massive 8,133 tons of gold, followed by Germany and Italy’s central banks.
The CBRT ranks 10th, just behind the Dutch Central Bank, which holds 614.2 tons of gold.
If the CBRT maintains its current pace of gold purchases, it could surpass the Netherlands by the end of the year.
Gold funds reach $257 billion
In August, $2.1 billion flowed into gold exchange-traded funds (ETFs), bringing total capital in gold funds to $257 billion. North American funds were particularly noteworthy, seeing $1.4 billion in inflows during August alone.
Türkiye first accepted gold as a required reserve in 2011, and by 2018, with 564.8 tons, surpassed India to enter the top 10 in global gold reserves.
Source: https://www.turkiyetoday.com/