Gold Deposits Of USD 1 Billion To Be Collected By Turkish Bank

Turkey goes for the gold!!!

Turkiye Is Bankası AS, Turkey’s biggest bank by assets, plans to collect $1 billion of gold in its deposit accounts by the end of the year, citing deputy chief executive officer Erdal Aral.

As much as 5,000 metric tons of gold is stored “under the mattress” in Turkey, Aral said, according to the Istanbul-based newspaper. Gold deposit accounts have surged to 13.6 billion liras ($7.4 billion) from 3.1 billion liras within the past year, according to data released by the banking regulator, Aral was quoted as saying.

Gold has always been seen as money and as a store of wealth in Turkey and now the country is leading the way with regards to the remonetisation of gold in the 21st Century.

Read More