Why Turks are skipping banks and keeping their gold at home
Turkish banks hope to retrieve 5,000 tons of gold that Turkish citizens have accumulated since World War I, and return it to the economy.
Gold jewelry that adorns the arms and necks of many Turkish women is actually a traditional instrument of savings. Newlyweds put together their initial capital with gold coins, trinkets and jewelry pinned on them at weddings. But this gold, once hidden at home, has absolutely no benefit to the economy.
These gold hoards are estimated to have reached 5,000 tons. The value of gold has been on an upward trend: On March 14, it reached 3,582.85 Turkish lira ($1,249.22) per ounce. That means the under-the-mattress overall value of gold is now almost 580 billion Turkish lira ($201 billion).
