about $80 billion in reserves,<\/a> data show.<\/p>\nGold, in particular, has helped the Central Bank of the Republic of T\u00fcrkiye (CBRT) to accumulate holdings valued above $200 billion for the first time in recent months.<\/p>\n
Central bank slowed rate cuts<\/p>\n
In a recent blog post, the central bank flagged that housing prices have risen markedly more in provinces with a higher share of gold deposits than elsewhere since the last quarter of 2023, when global bullion prices started to climb.<\/p>\n
When households use gold-related wealth to buy homes without relying on credit, “demand remains strong even amid tight financial conditions,” it said, calling this a “clear sign of a wealth effect.”<\/p>\n
Asim G\u00fcrsel, a gold shop owner in Istanbul, said that over the past year, customers were increasingly selling gold to buy cars or first homes in a reversal from past practices when they were largely selling homes to buy gold.<\/p>\n
The central bank cut its key rate by a smaller-than-expected 100 basis points to 37% in January, when monthly consumer prices soared nearly 5%, and it has since slightly revised year-end inflation forecasts upward.<\/p>\n
Gold prices jumped almost 25% in January alone, when the wealth effect in T\u00fcrkiye amounted to $80 billion, capping a year in which it totaled $300 billion, according to Reuters calculations.<\/p>\n
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