If you think your trading performance is terrible, take a look at Turkey
Turkey has spent over $60 billion this year trying to support the lira (the lira is Turkey's official legal currency)
Due to the impact of war, carry trades, and capital outflows that severely hit the national currency, the Central Bank of Turkey sold gold, foreign exchange, and U.S. Treasury bonds
But the effect seems negligible; it still looks like a losing battle
Turkey became the world's largest official $XAUT seller in the first five months of 2026, with net sales of 81 tons of gold
At the peak, about 130 tons of gold were used through sales and gold-for-dollar exchange channels
Holdings of government bonds fell from about $16 billion to $2 billion
The cost of defense:
Peak intervention: nearly $60 billion
Gold: net sold 81 tons as of May
Treasuries: cut from $16 billion to $2 billion, while the policy rate remains around 37%
Selling reserves was meant to stabilize the currency. Official reserves exceeded $200 billion in early 2026, fell to about $149 billion by June, and then recovered somewhat
But the lira did not
Burning through the treasury can slow the pace of collapse
But it cannot create demand where none exists
#土耳其限制商船进入黑海
Turkey has spent over $60 billion this year trying to support the lira (the lira is Turkey's official legal currency)
Due to the impact of war, carry trades, and capital outflows that severely hit the national currency, the Central Bank of Turkey sold gold, foreign exchange, and U.S. Treasury bonds
But the effect seems negligible; it still looks like a losing battle
Turkey became the world's largest official $XAUT seller in the first five months of 2026, with net sales of 81 tons of gold
At the peak, about 130 tons of gold were used through sales and gold-for-dollar exchange channels
Holdings of government bonds fell from about $16 billion to $2 billion
The cost of defense:
Peak intervention: nearly $60 billion
Gold: net sold 81 tons as of May
Treasuries: cut from $16 billion to $2 billion, while the policy rate remains around 37%
Selling reserves was meant to stabilize the currency. Official reserves exceeded $200 billion in early 2026, fell to about $149 billion by June, and then recovered somewhat
But the lira did not
Burning through the treasury can slow the pace of collapse
But it cannot create demand where none exists
#土耳其限制商船进入黑海
