According to the Turkish Supervisory Authority for Banking, deposits in gold accounts at banks increased in the past 2018 by 82% to 980 million euros. Millionaire dollar accounts rose by 35%.
The difficult economic situation in the country and the devaluation of the national currency, the lira, forced many Turkish citizens to stock up on gold and US dollars. According to published data, 161.800 millionaires of the country store 5.82 billion Turkish liras in their gold accounts, which corresponds to 980 million euros. This amount has increased over the year by 82%.
According to the analytical company GFMS, the demand for investment gold in Turkey in the form of coins and ingots amounted to 37.8 tons last year. The current market value of this volume is 1.4 billion euros.
The dollar accounts of Turkish millionaires and organizations, which have more than 1 million Turkish liras in their accounts, grew by 35% to 552.4 billion liras (92.9 billion euros).