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Turkish gold reserves totally vacated from the US

TURKEY (OBSERVATORY) –┬áIn 2017, the Central Bank of Turkey reacted to the deterioration of relations with Washington by withdrawing all of its gold reserves from the United States.

According to the Turkish portal Haber7, Turkey has withdrawn all its gold reserves from the United States.

About 28.7 tons of precious metal were deposited with the US Federal Reserve . A portion of the gold removed from the United States has been repatriated to Turkey, and another remains in Europe: from deposits of the Bank of England and the Bank for International Settlements in Switzerland.

The reports of the Turkish Central Bank indicated that in 2016 28,689 kg of gold were stored in the Federal Reserve. Turkey’s total gold reserves are estimated at 564.6 tons, or more than $ 20 billion.

According to the World Gold Council, in 2017 the Central Bank of Russia became the world leader in terms of growth rates of gold reserves.

Last September, Russia’s reserves increased by 34.6 tons, the highest monthly increase since October 2016, reaching 1,778.9 tons. The Bank of Russia ranked sixth in the world in terms of gold reserves.