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Turkey's gold reserves fell for the second time in 2020

21 December 2020


The International Monetary Fund (IMF) data, Turkey's gold reserves fell in November.


According to the data on the IMF's website, reserves, which were 22.46 million ounces the previous month, declined to 22.12 million ounces at the end of November, according to the news of Dünya newspaper.


Turkey's gold reserves fell for the second time this year, IMF data. Turkey's gold reserves in the IMF is seen as a record 16.82 million ounces at the end of last year. Thus, this year, there was an increase of 5.3 million ounces in reserves.



Evaluating gold prices, analysts stated that although the US Federal Reserve (Fed) did not make changes in interest rates in line with expectations, Fed Chairman Jerome Powell emphasized the risks and pointed out the importance of financial assistance, supporting the ounce price of gold.Indicating that the increase in the gram price of gold remained limited due to the decrease in the dollar exchange rate, analysts stated that the interest rate decision of the Bank of England, inflation in the Eurozone and the housing start data in the USA will be followed.



While fluctuations in interest and exchange rates in Turkey, monetary and exchange rate policy Central Bank of the Republic of Turkey Speaking at the meeting (CBT) President Naci Ağbal, "will be the main policy instrument of the repo rate. "The interest rate corridor and the late liquidity window will not be used as policy tools," he said."The CBRT will not buy or sell foreign exchange to determine the level or direction of exchange rates," said Ağbal, noting that they are determined to reduce inflation and that the monetary policy will be tightened if necessary.Stating that the inflation targets will be implemented with determination, Ağbal reminded that the inflation target of 5 percent is preserved and said:We are aware of the responsibility that has been determined together with the government. We will apply it gradually to the target compatible with the medium term path.We are determined to reach the 9.4 percent forecast target in the October inflation report. In accordance with the inflation targeting regime, we will determine and implement the tightness level in accordance with this forecast target.