Turkey's gold reserves have plummeted by nearly 120 tons in two weeks, marking the largest weekly decline since 2013.

⑴ According to data from the Central Bank of Turkey, gold reserves decreased by 69.1 tons to 702.5 tons last week, with a total decline of more than 118 tons over two weeks. This move aims to mitigate the market impact caused by the Iran war. ⑵ Last week's decrease was the largest single-week drop in internationally recognized gold reserves since the Central Bank of Turkey began publishing data in 2013. ⑶ According to estimates by three bankers, last week's data indicate that the Central Bank of Turkey sold around 26 tons of gold, with approximately 42 tons used for swap transactions. ⑷ As the spillover effects of the war drive global energy prices higher, the Central Bank of Turkey has used gold reserves and carried out large-scale foreign exchange sales and other measures to support the lira exchange rate and boost market liquidity.