6/12/12 - Turkey just monetized gold - Tier 1 asset

[DSAbug]

http://www.goldcore.com/goldcore_blog/gold-deposits-usd-1-billion-be-collected-turkish-bank

Turkish people can pay in gold in certain foreign exchange houses and most jewellers will accept gold as payment. Turkish banks are is now offering digital gold saving accounts.

Turkey expanded its gold reserves by 29.7 metric tons in April. Turkey’s bullion reserves climbed to 239.3 tons last month meaning that Turkey increased their gold reserves by 14% in April.

The central bank on March 27 doubled the share of lira reserves banks can hold in gold to 20%, saying it would provide 6.1 billion liras ($3.3 billion) of extra liquidity.

"This addition," the WGC says, "was the result of a policy change under which the central bank will now accept gold in reserve requirements from commercial banks to help the banks utilize their gold in managing their liquidity."

 

[bushi]

...interesting... close enough to Yurp, both geographically, and increasingly, economically, with the ambitions to perhaps maybe join EU if only possible... We will see what impact this will have on Europe in general...

 

[pmbug]

Nice find Derek.