Hasan Ayhan followed his wife's instructions last week and took their savings to buy gold at Istanbul's Grand Bazaar as Turks scooped up bullion worth $7 billion in a just a fortnight.
ISTANBUL - Hasan Ayhan followed his wife’s instructions last week and took their savings to buy gold at Istanbul’s Grand Bazaar as Turks scooped up bullion worth $7 billion in a just a fortnight.
The day after Ayhan bought his gold on Aug 6, the lira hit a historic low and has remained skittish since, laying bare concerns that Turkey’s reserves have been badly depleted by market interventions, which are showing signs of fizzling out. In the last three weeks, as selling gripped the lira, local holdings of hard assets such as dollars and gold jumped $15 billion to a record of nearly $220 billion.
The central bank and the Treasury did not immediately comment on the dollarization trend or any policy response. In turn, the bank’s gross FX buffer has fallen by nearly half this year to below $47 billion, its lowest in years.The central bank has said its reserves naturally fluctuate in stressful periods, and the Treasury says the bank intervenes at times to stabilize the currency.
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