Berat Albayrak’s Move Saved Turkey’s Gold Reserves
Gold market expert İslam Memiş revealed that former finance minister Berat Albayrak’s strategy secured Turkey’s gold reserves by bringing them home, protecting them from potential global risks.
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Berat Albayrak’s Move Saved Turkey’s Gold Reserves
YEREL GÜNDEM / ANKARA
Expert reveals gold repatriation strategy
During a live broadcast, gold and precious metals analyst İslam Memiş shared details about how former Turkish Treasury and Finance Minister Berat Albayrak played a decisive role in protecting Turkey’s gold reserves. According to Memiş, Albayrak’s initiative to repatriate Turkish gold stocks from overseas helped secure national assets that might otherwise have faced risks amid global uncertainty.
Turkey’s reserves moved from London to Istanbul
Memiş explained that in 2015, the Central Bank of Turkey (CBRT) stored about 87% of its gold reserves at the Bank of England. Under Albayrak’s tenure, a significant portion of new gold assets was transferred to a secure gold depository within Borsa Istanbul. This move aimed to protect reserves from potential geopolitical or economic pressures abroad.
Global trend to reclaim gold reserves
Memiş emphasized that Turkey was not alone in this trend, noting that Germany and other European countries have also sought to retrieve their gold from the United States in recent years. “No one knows exactly how or when they might be able to get their gold back, or even if all of it is physically there,” Memiş commented, pointing out growing international concern about overseas-stored gold.
Missed opportunity to lead the region
According to Memiş, Turkey could have gone even further. “I have been working on this topic for almost 10 years. If only Turkey had positioned itself as a safe hub for Middle Eastern countries to store their gold instead of Switzerland, it would have been a huge achievement,” he said. Memiş argued that Turkey could still pursue this opportunity in the future.
“Gold over dollars” recommendation
Memiş also criticized Turkey’s relatively small gold reserves compared to its cultural traditions and suggested a broader shift in monetary strategy. “Given our customs and traditions, Turkey should have been among the world’s top five in gold reserves. Personally, I would store gold instead of dollars and design all economic models around gold,” he stated.
Turkey’s move to repatriate its gold is seen by analysts as a key milestone in reducing external dependency and strengthening financial sovereignty. As global debates around gold security continue, Ankara’s steps may be closely watched by other emerging economies looking for similar protection strategies.
