Turkey withdrew gold from Fed amid crisis

23 April 2018
99 Views

Turkey’s central bank withdrew gold reserves it held at the U.S. Federal Reserve and placed them at the Bank of International Settlements and the Bank of England amid a political crisis with the United States, Hurriyet columnist Uğur Gurses said citing a central bank report.

The reserves totaled 28.6 tons, Gurses said in a column on Tuesday. Furthermore, banks in Turkey have increased their reserves with the central bank in gold rather than foreign currency, placing 38.3 tons at the bank of England and 63.8 tons in the central bank’s accounts at the Istanbul Stock Exchange.

The purchases and movements of the gold, which resulted in a $4.2 billion increase in the central bank’s gold reserves, are numerical and do not explain the physical imports of gold into Turkey, which totaled $9.9 billion last year and contributed to the country’s widening current account deficit, Gurses said.

Source: ahvalnews

You may be interested

Donald Trump cancels Summit with Kim Jong Un
WORLD
shares9 views
WORLD
shares9 views

Donald Trump cancels Summit with Kim Jong Un

makis - May 24, 2018

President Donald Trump canceled the planned June 12 summit with North Korea’s Kim Jong Un Thursday, citing the “tremendous anger…

Shocking Confession by Turkish-Cypriot: “My art was to kill civilian Greek-Cypriots”!
GREECE
shares5 views
GREECE
shares5 views

Shocking Confession by Turkish-Cypriot: “My art was to kill civilian Greek-Cypriots”!

makis - May 24, 2018

An 84-year-old Turkish-Cypriot without remorse but…proudly described in a televised interview that he murdered Greek-Cypriot prisoners in 1974. In his…

EuroGroup President: Reforms in Greece must be implemented next week
FINANCE
shares6 views
FINANCE
shares6 views

EuroGroup President: Reforms in Greece must be implemented next week

makis - May 24, 2018

Arriving at the Eurogroup meeting in Brussels, the body’s president Mario Centeno said the news of a deal at a…

Leave a Comment

Your email address will not be published.