After having repatriated 104 tonnes from the Bank of England (BOE) in 2018, the Central Bank of Turkey (CBRT) has been sending gold back to London in 2020 and 2021. Amid economic turmoil that’s weakening the Turkish lira, CBRT is likely using its gold at BOE as collateral for foreign exchange (FX) loans. Turkey’s situation is reminiscent of Venezuela several years ago.
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(The link for the off balance sheet swap data by CBRT is not working)