The Central Bank began to sell its gold in the safe.

The economist Uğur Gürses affirmed in his article entitled ‘Silver at home and some accounting maneuvers’ published yesterday on his blog, that the Central Bank has begun to sell gold.

Summarizing the movements of the Central Bank in recent months, Gürses stated that every cash currency lent was melted down, gross reserves were shown to be inflated with swaps, and the exchange rate could not be maintained despite the fact that most of the currency foreign in the system flowed to the Central Bank

Gürses affirmed that the Central Bank has lost 4,000 million dollars in reserves in the last 2 weeks, and this includes the entry of 2,500 million dollars that the Treasury brought through external debt.

LIQUID EXCHANGES ARE PROVIDED

Gürses claimed that the Center started selling gold due to the loss of reserves and conveyed the developments from the beginning of March as follows:

“First, because they are constantly selling liquid currency, they need liquid currency every day. As usable liquid foreign currency reserves thawed, the Central Bank began selling gold from early March and began transferring the effective foreign currency in its vaults to foreign currency accounts.

The Central Bank sold 2.8 billion dollars (43 tons) of gold from the week of March 3 to the week of April 14.

Again, as of the week of March 3, 2.7 billion dollars in currency in their safe deposit boxes were converted to foreign currency. That is, he transferred it to foreign currency accounts at correspondent banks.

In total, it converted exactly $5.5 billion of assets into liquid currency.”

Graphic: Uğur Gürses

MOLTEN LIQUID CURRENCY

Gürses also stated that the Central Bank needs liquid currencies that can be used at any time, and that gold is not immediately convertible to liquid, explaining that gold has started to sell off due to the melting of liquid currencies and falling to a level critical. level.

Gürses also stated in his article that during the weekly valuation of the Central Bank’s gold reserves, it is intended that the foreign currency equivalent of the gold reserves be shown as high depending on the day or session in which the gold price is higher.