Turkey’s Central Bank Prepares Gold Sell-Off to Defend Lira Amid Iran Conflict

The Central Bank of Turkey is preparing to defend the national currency against volatility linked to the conflict with Iran by considering a range of measures, including the sale of its "massive gold reserves,” Bloomberg says citing sources familiar with the matter. Plans to Convert Gold into Foreign Currency According to the agency's sources, the regulator has already discussed plans to exchange gold for foreign currency on the London market. Economist Fatih Akcelik from JPMorgan Chase & Co. estimates that precious metals worth around $30 billion out of Turkey's total $135 billion in assets held at the Bank of England could be used for such operations.