Turkey withdrew the gold it held in US

Turkey’s central bank during 2017 withdrew all the gold reserves it held in the US central bank (FED), the Turkish daily Hürriyet writes. As the Turkish newspaper notes, Ankara took this decision because of the deterioration of its relations with Washington, which was caused by disagreements over a range of regional and bilateral issues.

The systematic withdrawal of gold reserves by the Fed started in 2017. At the US central bank, Turkey held 28.7 tons of gold. The very fact of the withdrawal of Turkey’s gold reserves is also formally confirmed by Turkey’s central bank report published earlier in April.

In the US Central Bank chart on Turkey’s gold reserves for 2016, there is 28,689 kg, while in the 2017 chart there are gaps (dashes). Turkey’s total gold reserves, as shown by Turkey’s central bank’s report, amount to 564.6 tons, equivalent to $ 20 billion.

As the Turkish newspaper explains, part of the Turkish gold stocks held in the US were transferred to Turkey, while another in Europe, namely the UK central bank and the Bank for International Settlements (BIS) in Switzerland .