Turkey’s Central Bank has bought 41 tons of gold in January and February of 2020 – more than any other central bank in the world during the same period. Turkey was followed by Russia (19 tons), the United Arab Emirates (5.9 tons), Kazakhstan (2.8 tons) and Mongolia (1 ton).
The statistics were shared by prominent economist Mahfi Eğilmez, who based the data on IMF and World Gold Council.
For the month of February, Turkey (24.8 tons), Russia (10.9 tons), Kazakhstan (1.8 tons) and Qatar (1.6 tons) were the only noteworthy buyers, according to the statistics.
In February, i.e. when the novel coronavirus started to spread further around the world, central banks bought a net 36 tons of gold, almost a third higher than January’s net purchases, but 52 percent lower year-on-year.
This brings the January-February net purchases to 64.5 tons, 44 percent lower than the 116.1 tons of net purchases over the first two months of 2019.