In January 2023, Turkey’s central bank bought 23 tonnes of gold, making it the largest buyer of gold among global central banks in the same period.

The country now holds 565 tonnes of gold, the highest level on record, according to the World Gold Council.

Overall, the world’s central banks added a net 31 tonnes to their gold reserves in January, up 16% from December. The People’s Bank of China and the National Bank of Kazakhstan were the second and third largest buyers of gold, adding 15 tons and 4 tons to their reserves, respectively.

Turkey has been accumulating gold for months and was the biggest buyer among monetary authorities last year. Gold is also a popular commodity among Turkish households, who use it as a hedge against exchange rates and inflationary pressures.

Last month, Turkey temporarily halted some gold imports as part of an emergency plan to mitigate the economic impact of the devastating earthquake. The government is also trying to limit gold imports, which are seen as the biggest threat to deteriorating external financial conditions