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moneymetals

Turkish Gold Imports Triple As The Central Bank Diversifies Out Of Dollars

Turkish gold imports surged due to a sharp increase in investment demand as well as renewed Central bank purchases. While the Chinese and Russian governments have been adding gold to their official reserves over the past several years, Turkey added 86 metric tons to its official holdings in the last seven months of 2017.

According to the 2018 World Gold Survey, Turkish official gold holdings reached a new record high of 565 metric tons (mt) last year as the government decided to replace a significant amount of its Dollar reserves with gold. And, this continued even in the first quarter of 2018. Information from the World Gold Council’s Demand Trend reported that Turkey added another 30 mt of gold to its official reserves in Q1 2018.

If we look at the chart below, we can see just how much gold Turkey imported in 2017 versus 2016:

Turkish gold imports 2016 vs 2017

Turkish gold imports more than tripled from 106 mt in 2016 to 361 mt in 2017. Again, the large increase in Turkish gold imports was due to a 60% increase in investment demand and the 86 mt purchase by the Central bank. With the addition of the 30 mt of Central bank gold purchases in Q1 2018, official Turkish holdings are now nearly 600 mt.


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