The Turkish government under head of state Erdogan is doing everything to stabilize the economy. Now it's been announced that the country has sold 118 tons of gold in just ten weeks.
The equivalent is a good six billion dollars, as the "Frankfurter Allgemeine Zeitung" reports. Experts are not sure what Erdogan is aiming for. A Commerzbank expert told the newspaper that Turkish gold reserves would not be enough to support price.
In recent years Turkey has increased its gold holdings. Before the selloff, the country hoarded 594 tons worth about $ 30 billion.