Turkish habit of stashing gold "under the pillow' hurts economy, government says
Officials say households store about 5,000 tons of gold, worth roughly $600 billion, outside banks and weakening monetary policy.
7 Articles
7 Articles
Turkish habit of stashing gold "under the pillow' hurts economy, government says
Jewelry displays gold at the Grand Bazaar in Istanbul, Turkey, on Aug. 26, 2026. Finance Minister Mehmet Şimşek has said that about $640 billion in gold and foreign currency is held outside the financial system. For many Turkish savers, physical gold is still a safe way to protect their money from inflation and economic uncertainty. This practice is known as "yastık altı altın," or "gold under the mattress," referring to the tradition of keeping…
Why are people in Turkey hoarding gold? : State of the World from NPR
In Turkey, gold is gifted throughout life's major milestones and stashing it safely at home is also a time honored practice. Turks have long used gold to safeguard their fortunes as a hedge against the country’s sometimes volatile economy. But officials say all that gold hoarding is hurting Turkey’s financial future. We go to Istanbul to understand why.And President Trump claims Ukraine and Russia have agreed to stop striking each other’s energy…
Economy - The size of gold reserves kept "under the mattress," which have been seen for years as a safeguard against inflation and currency depreciation, is attracting attention.
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