The Central Bank of the Republic of Turkey is reportedly preparing an expanded toolkit including gold-for-foreign currency swaps to stabilize the lira amid Iran war and high inflation.

The Central Bank of the Republic of Turkey (CBRT) is holding private discussions to utilize its vast gold reserves to counter currency volatility linked to the ongoing war in Iran as of March 24, 2026. This potential strategy involves conducting swap transactions in the London market to bolster foreign currency liquidity and defend the lira’s value, according to Bloomberg.

Turkey currently holds gold reserves valued at approximately $135 billion, with an estimated $30 billion stored at the Bank of England available for intervention. These measures are vital as the nation faces a 31.5% inflation rate and rising energy costs that threaten the local balance of payments.

Officials have already tightened liquidity and offloaded $16 billion in foreign-currency bonds to manage the crisis. While the benchmark interest rate remains at 37%, policymakers are shifting toward costlier funding windows to curb the rapid depreciation of the local currency.

🧭 FAQs

• Why is the Turkish central bank considering using its gold reserves? The bank aims to provide foreign currency liquidity to defend the lira against war-related volatility.

• What is the current value of Turkey’s total gold holdings? As of early March, the national gold reserves stood at approximately $135 billion in value.

• Where is a significant portion of Turkey’s gold stored internationally? Roughly $30 billion of the gold reserves are currently held within the jurisdiction of London.

• What is the current inflation rate affecting the local Turkish economy? The local inflation rate reached 31.5% in February, driven by high energy and import costs.

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