❗️🇹🇷 TURKEY IS CONSIDERING USING $135 BILLION IN GOLD RESERVES TO DEFEND THE LIRA. ⨯ [Bloomberg]

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➢ Amid the crisis in Iran, the Central Bank may use part of its vast gold reserves – about $30 billion of the $135 billion are held at the Bank of England, ready for currency intervention.
💸 What's happening with the economy:
🤍Inflation is already 31.5% – one of the highest in the world.
🤍The Central Bank is selling foreign bonds, including US Treasuries ($16 billion in recent weeks).
🤍The cost of financing in lira has been raised to 40%, and the base rate remains at 37%. 🤍Foreign investors are actively dumping Turkish government securities, while locals are buying up dollars above the interbank rate.
❗️The lira is trading around 44.35 per dollar, slowly falling, and traders are expecting interest rates to rise to 38–39%+.
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Bloomberg Terminal✅