Turkish central bank tops global gold sales amid Iran war: Report

The Central Bank of the Republic of Türkiye (CBRT) has emerged as the world’s largest official gold seller in 2026 after unloading a net 81 tons from its reserves during the first five months of the year, according to the latest figures from the World Gold Council (WGC).

The sales came after the bank tapped its reserves to strengthen U.S. dollar liquidity during market turmoil triggered by the Iran war, with interventions peaking at nearly $60 billion as it sought to defend the Turkish lira.

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Poland leads buying, Türkiye selling

According to the WGC, central banks worldwide added a net 41 tons of gold to their reserves in May, while Russia and Türkiye were the only reported net sellers. Russia led monthly sales after offloading 6 tons, followed by Türkiye with 3 tons.

On a year-to-date basis, however, Türkiye remained the world’s largest official gold seller with net sales of 81 tons, well ahead of Russia’s 34 tons.

On the buying side, Poland led monthly purchases with 18 tons, extending its streak of double-digit acquisitions to four consecutive months. Its net purchases reached 64 tons this year, the highest among central banks, lifting total reserves to 614 tons as it moves closer to its 700-ton target.

Uzbekistan ranked second in year-to-date purchases with 33 tons after adding 9 tons in May, followed by China with 25 tons after extending its buying streak to 20 consecutive months with another 10-ton purchase. Kazakhstan added 7 tons in May, raising its net purchases this year to 20 tons.

Bar chart illustrates net gold purchases and sales by central banks in the first five months of 2026. (Chart via WGC)

Türkiye’s gold holdings rebound as swaps unwind

According to Turkish central bank data, the country’s gold reserves climbed to a record 823.5 tons in the week ending March 6 before starting to decline.

In the weeks that followed, the central bank drew on its gold holdings to shore up U.S. dollar liquidity as foreign currency demand surged and capital outflows accelerated during the Iran war.

Estimates based on official data suggest that roughly 130 tons of gold were deployed at its highest level through a combination of dollar-for-gold swap transactions and direct sales, sending reserves down to 694.1 tons in early April.

The reserves later recovered, rising by 39.1 tons to 733.2 tons as of May 15, as the central bank began unwinding part of its dollar-for-gold swap positions.

As of the week ending June 26, the CBRT’s official reserve assets stood at $149.2 billion, including 729.6 tons of gold worth $95.0 billion and $46.6 billion in foreign exchange reserves.

The central bank also reported $3 billion in net receivables from outstanding gold swap transactions, equivalent to roughly 23 tons of gold at current market prices.

July 04, 2026 05:30 PM GMT+03:00