Loading ...yes……….
Another snippet of the article:
Turkish gold reserves showed a decline of 6 tons in the week of March 13 and another 52.4 tons in the week of March 20, marking a sharp drawdown in reserves, according to the latest data published by the central bank. While the composition of the sales is unclear, some of that was sold outright, while the majority was used to secure foreign exchange or liras via swap agreements, according to Bloomberg. It’s not uncommon for central banks to sell spot gold and simultaneously agree to buy it back in the future via swap agreements, effectively a gold-collateralized USD loan, which grants the country cheap dollar funding using the precious metal as collateral.