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Gold deposits in Turkey doubled during 2019

06-06-2019 | admin

Official data in Turkey have revealed a doubling of gold deposits in banks during the first quarter of this year compared to the same period last year.

The gold deposits in Turkey during the first three months of this year amounted to 50 billion Turkish lira (USD = 5.75 pounds).

The rise in the volume of deposits is due to the increase in the demand for gold in the world and the rise in foreign exchange rates in front of the Turkish lira.

Turkey's banking regulatory and Supervisory Authority (FSA) data show that gold deposits rose by 109.2 percent during the first quarter of 2019 compared to the same period of 2017.

The gold deposits in Turkish banks amounted to 23 billion, 862 million and 503 thousand TL during the first quarter of last year.

Earlier, the World Gold Council said Turkey was among the top gold buyers in the world to boost its yellow metal reserves in 2018.

The center added, in a report, that the Turkish central added to its reserves 51.5 tons of gold last year, according to the American channel "NBC".