According to The Financial Times, the central bank of Turkey sold 52 metric tons of gold between Feb. 27 and March 27, 2026, in a large-scale intervention aimed at stabilizing the lira.
As a result of the operations, the country’s net gold holdings fell to about 440 metric tons. Experts say that level is the lowest for the central bank in the past two years.
Turkey’s actions had a measurable effect on global prices. In March, the price of gold in global markets fell by more than 11%, the largest monthly drop since 2008.
The consumer price inflation in Turkey accelerated late in the winter. Annual inflation stood at 31.53% in February.
Ankara’s strategy is aimed at supporting a real appreciation of the currency amid volatility linked to the conflict in Iran. However, the substantial drawdown of reserves and rising import costs make the continuation of this policy costly for the public finances.
The central bank plans to use additional tools to defend the lira against external shocks. Authorities are seeking to prevent the currency depreciation that would outpace current inflation rates.
