The Central Bank of Turkey reported on Thursday that its international gold reserves rose by 16 tonnes to 791.4 tonnes in the preceding week, following the expiry of a dollar-for-gold swap agreement.
The transaction, valued at roughly $1.8 billion, marks the final swap in a series initiated since the start of the Iran war, according to bankers familiar with the matter. Unlike prior agreements, this swap was not renewed upon maturity.
The central bank did not provide an official statement regarding the transaction or its implications for reserve management. The increase in reserves reflects the repatriation of gold held under the swap arrangement, which had been in place to manage foreign currency liquidity.
