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Turkey will strive to paperize 2,200 tonnes of gold in home savings
Treasury Sets Eye on 2,200 Tons of Gold ‘Kept under Mattresses'
From Hurriyet Daily News, Istanbul
Monday, September 18, 2017
ANKARA, Turkey -- The Turkish Treasury will issue two types of bonds to attract into the economy 2,200 tons of gold stashed under mattresses, which has a market value of around 300 billion Turkish Liras, Deputy Prime Minister Mehmet Simsek has said.
"The first issuance of gold bonds and the gold-based rent certificates will begin between Oct. 2 and 6 in an attempt to benefit the economy with the under-the-mattress gold of citizens, which is estimated to be almost 2,200 tons in total," Simsek said in a statement Sunday.
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The deputy prime minister said today during an interview broadcast on Bloomberg HT and Habertürk that the issuance of gold price-linked bonds was not related to the Treasury's need for debt.
"The Treasury has no borrowing problem. We will dare this cost for the economy to run faster, to increase savings and solve resource problems as well as bring out the under-the-mattress savings into the economy," he said. ...
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