Turkish President Recep Tayyip Erdogan has called on citizens to convert their gold funds into Turkish lira through new financial instruments introduced to strengthen the national currency, the Anatolian Agency quoted him as saying.
"We expect our citizens and businesses to support this historic breakthrough in our country by bringing their gold savings into the financial system," Erdogan said in an address to the General Assembly of the Anatolian Business Association (ASKON) in Istanbul.
Regarding what he calls "savings under the mattress" of people who withdraw their assets from Turkish banks and keep them at home, he said that from the beginning of 2022, both companies and citizens will accelerate the return to the pound. '
"The more we return to our economy from the five thousand tons of gold kept under the mattress, the stronger our country and nation will be," the president added.
Referring to recent exchange rate fluctuations, Erdogan said measures are being taken to prevent sudden, sharp and unreasonable fluctuations.
The president also stressed that the government has no problems with the budget, adding: "We are ending the year with better-than-expected revenues."
On Wednesday, Turkey's central bank said it would provide incentives to encourage people to switch from gold to Turkish lira.
This move is part of the ongoing efforts to maintain the Turkish lira.
According to analysts, the total amount in gold accounts currently stands at 270 billion pounds (22.4 billion dollars), while the figure for time deposits for three months is about 15 billion pounds (1.2 billion dollars).
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