The 6 Most Aggressive Central Banks Selling Gold Reserves in 2026, Russia Tops the List!
Geopolitical uncertainty and economic pressures are driving several countries to restructure their foreign exchange reserves to avoid crises, including by releasing gold reserves. Russia’s central bank has been recorded as the most aggressive in selling gold, followed by Turkey, which has taken similar steps.
This phenomenon is triggered by several key factors leading a country to decide to sell gold reserves. Fiscal pressures, for example, create a need for additional liquidity, and gold becomes a quick option to cover national financing needs.
Gold sales are also conducted as part of domestic policies to maintain economic stability. This step shows that gold does not only function as a hedging asset but also as a flexible economic policy instrument, depending on each country’s needs.
Based on the latest data from the World Gold Council released by Visual Capitalist, here are the six central banks in the world that sold the most gold reserves throughout 2026.
- Russia
Russia’s central bank became the country that sold the most gold this year. This step was triggered by fiscal pressures due to war spending and Western economic sanctions.
In addition, the freezing of around US$300 billion in assets of Russia’s central bank in 2022 became a turning point in the global foreign exchange reserve management strategy. Russia reportedly sold around 15.6 tonnes of gold to increase the country’s liquidity amid economic pressures.
- Turkey
Second place is held by Turkey, which sold gold reserves half the portion of Russia’s, or around 8.1 tonnes. The Turkish government released gold reserves as part of domestic economic stabilisation policies.
Turkey sold gold reserves as an effort to maintain the value of the lira. In addition, the government of this country also intends to control the high demand for gold domestically.
- Bulgaria
Bulgaria also sold a significant amount of gold, amounting to 1.9 tonnes. This step is suspected to be related to the need for reserve adjustments and fiscal stability.
- Kyrgyzstan
This Central Asian country recorded a reduction in its gold reserves by 1.1 tonnes. The reason Kyrgyzstan released gold reserves is suspected to be for liquidity needs and balancing the foreign exchange portfolio.
- Belarus
Belarus entered the list of countries with the highest gold sellers throughout this year, namely 0.1 tonnes or equivalent to 100 kg. This step reflects the economic pressures also felt by that country.