CBRT Weighs Gold-to-FX Swaps to Support the Lira as Inflation Hits 31.5%

Turkey's central bank is weighing gold-for-foreign currency swap operations to increase FX liquidity and help stabilize the lira, with discussions described as ongoing as of March 24, 2026. The plan would use Turkey's roughly $135 billion in gold reserves, including an estimated $30 billion held at the Bank of England, alongside other steps taken during a period of high inflation and higher energy costs.