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Turkey increases its gold reserves by a huge amount

05-09-2019 | admin

Turkey increased its gold reserves last month by 6.6 tonnes to reach 320.7 tonnes by September, according to a monthly report published by the World Gold Council.

Turkey's precious metal reserves increased from 314.1 tons to 320.7 tons. According to the data, Turkey has maintained 18th place in the world on the list of countries with the most gold reserves.

Turkish data exclude gold reserves held by commercial banks and held in the Central Bank of Turkey under the ROM Reserve Options Mechanism.

Under Turkish law, Turkish banks are obliged to deposit part of their assets and deposits with the Central Bank, in a precautionary step in case of any bankruptcy risk.

The United States led the world with gold reserves of 8,133 tons, Germany in second place with 3,366 tons, and Italy in third with 2,451 tons.