Gold savings outside the financial system in Turkey reach approximately 5,000 tons

It has been reported that the amount of physical gold kept outside the financial system in Turkey has reached approximately 5,000 tons, and the value of this savings is around 600 billion dollars at current market prices.

The scale of off-system gold

It is stated that the amount of physical gold kept outside the financial system in Turkey has reached approximately 5,000 tons.

According to calculations based on current market prices, it has been expressed that the value of this savings is approximately 600 billion dollars.

Citizens' preference for physical gold

Former Central Bank Economist Prof. Dr. Selva Demiralp stated that past economic crises have been influential in citizens turning towards physical gold.

It has been expressed that inflation and sharp movements in exchange rates bring gold to the forefront in savings preferences.

Economic effects and import pressure

It is stated that the inability to use off-system gold in credit mechanisms limits the utilization of economic resources.

It has been conveyed that imports carried out by Turkey to meet its gold demand create pressure on the current account deficit.

YAY-SİS and Altınbank projects

Two new proposals have been brought to the agenda by Istanbul Chamber of Jewelers President Mustafa Atayık to bring off-system savings into the economy.

With the YAY-SİS project, it is aimed for physical gold to be identified by authorized jewelers and transferred to accounts in public banks.

With the Altınbank proposal, it is aimed to accelerate the conversion of scrap gold and establish a specialized deposit bank.