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Turkey to introduce sovereign gold bonds, gold lease certificates

Section: Daily Dispatches

From the Daily Sabah, Istanbul
with Anadolu Agency reporting
Sunday, April 2, 2017

Turkey's deputy prime minister, Mehmet Şimşek, announced that the government will add two new secure investment tools to the financial system -- gold-denominated bonds (sovereign gold bonds) and lease certificates (sukuk) denominated in gold in order to bring under-the-mattress gold into the economy.

"With this important step that will further deepen the financial system, our citizens will get additional income from the idle gold they stockpile under their mattress, while the savings will increase and the economy will gain momentum," Şimşek told the Anadolu Agency, adding that gold is regarded as a "safe haven" in Turkey and is seen as a traditional investment tool.

Şimşek pointed out that the Central Bank of the Republic of Turkey has paved the way for some of the required reserves of the banks deposited in the Turkish lira to be kept as gold, noting that a fair amount of gold kept by citizens "under the mattress" has been brought into the economy with the regulation, adding that while gold accounts are offered by banks, volume has not reached the desired level. ...

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