Turkey's Central Bank largest gold buyer in January, February with 41 tons

Turkey's Central Bank has become the largest gold purchaser in the world in January and February of this year, with 41 tons of gold. Turkey was followed by Russia (19 tons), the United Arab Emirates (5.9 tons), Kazakhstan (2.8 tons) and Mongolia (1 ton).

Duvar English

Turkey's Central Bank has bought 41 tons of gold in January and February of 2020 – more than any other central bank in the world during the same period. Turkey was followed by Russia (19 tons), the United Arab Emirates (5.9 tons), Kazakhstan (2.8 tons) and Mongolia (1 ton).

The statistics were shared by prominent economist Mahfi Eğilmez, who based the data on IMF and World Gold Council.

For the month of February, Turkey (24.8 tons), Russia (10.9 tons), Kazakhstan (1.8 tons) and Qatar (1.6 tons) were the only noteworthy buyers, according to the statistics.

InFebruary, i.e. when the novel coronavirus started to spread furtheraround the world, central banks bought a net 36 tons of gold, almosta third higher than January’s net purchases, but 52 percent loweryear-on-year. 

Thisbrings the January-February net purchases to 64.5 tons, 44 percentlower than the 116.1 tons of net purchases over the first two monthsof 2019.

Topics Turkey Central Bank Turkish Central Bank gold