Turkey repatriates its gold reserves

April 20, 2018 | 16:59 |542

Turkey's central bank has transferred its gold reserves stored in the U.S. Federal Reserve System, home, to Turkey, Turkish media reported, citing sources in the government. The influential Turkish newspaper Hürriyet points out that 28.7 tons of gold was brought back from the US last year. According to the report of the Turkish Central Bank, the total Turkey’s gold reserves are estimated at 564.6 tons, worth just over $20 billion. The media reports also, that other Turkish banks, Ziraat and Vakifbank, have also started transferring a gold reserve from the United States to Turkey. The reasons for such a repatriation of gold from the New World to the Old World are not explained.