Finance Minister Mehmet Şimşek stated that approximately $640 billion in gold and foreign currency is held outside the financial system in Turkey. Many Turkish savers prefer physical gold as a means to safeguard their money against inflation and economic uncertainty. This practice, referred to as "yastık altı altın" or "gold under the mattress," reflects a tradition of keeping wealth in physical assets rather than in banks. The government has expressed concerns that this tradition negatively affects the economy.
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Turkish Finance Minister Addresses Gold Hoarding Impact on Economy
Turkish Finance Minister Mehmet Şimşek reported that around $640 billion in gold and foreign currency is kept outside the financial system. The practice of hoarding gold, known as "yastık altı altın," is seen as a way for savers to protect their wealth, but the government believes it may harm the economy.
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Mehmet Şimşek
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Original Headline
Turkish habit of stashing gold "under the pillow' hurts economy, government says
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Turkish Finance Minister Addresses Gold Hoarding Impact on Economy