Insider: Turkey is considering using $135 billion in gold reserves to support the lira exchange rate

MaticHoleFiller · 2026-03-31T15:01:02+00:00

The Central Bank of Turkey plans to expand its policy tools to address the impact of the Iran conflict on the lira, potentially utilizing its approximately $135 billion in gold reserves for gold-for-foreign exchange swap transactions to reduce dependence on the US dollar.

MaticHoleFiller

2026-03-31 15:01:02

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According to people familiar with the matter, the Turkish central bank is preparing to expand its policy tools to counter exchange-rate volatility for the lira brought about by Iran-related conflict developments, which could include potentially tapping the country’s large gold reserves.

The above-mentioned individuals said the central bank has held discussions about conducting gold-for-foreign-exchange swap transactions in the London market. Because the talks are not public, these individuals requested anonymity.

The Turkish central bank declined to comment.

Over the past decade, Turkish leadership has been seeking to reduce its exposure to U.S. dollar assets, and the country has therefore become one of the world’s most aggressive gold-buying nations.

Bloomberg compiled data shows that, as of early March, the gold reserves held by Turkish monetary authorities were valued at about $135 billion.

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