Recently, the Ministry of Treasury and Finance announced at the “Turkish Economy Model New Steps and Inflation Measures Promotion Meeting” that in order to bring gold under the pillow into the economy, it is possible to benefit from value protection by opening a gold-converting deposit and participation account with TL amounts, and the project related to this has been started.
Within the framework of the new system, which aims to bring gold under the pillow to the economy, refineries and banks will be forced to cooperate more closely, refineries and jewelers will form their own collection and distribution channels by agreement.
Citizens will be able to transfer their physical gold such as ornaments, processed, and scrap to the system and withdraw them from the system through jewelers. The technological infrastructure that will ensure that the citizens do not experience any grievances during the physical gold delivery and withdrawal process will be created by the refineries and will be supported by the banks with verification infrastructures.
“TRIPLE CONFIRMATION SYSTEM” WILL BE USED
A tripartite reconciliation or confirmation system will be established between the jeweler, the refinery, and the bank. When the citizen delivers his physical gold, he will be able to request the transfer of the Turkish lira equivalent of the gold he delivered to his gold accounts in banks or to his TL accounts. We received the opinions of Metih Sipahioğlu, the partner of Has Gümüş, who is one of the experts in the precious metals trade, regarding this new application. He said that various methods have been tried many times in the past to bring the gold under the pillow into the economy, and since the gold banking application has been implemented recently and the desired results have not been achieved, the necessity of producing a new project has emerged.
Has Gümüş company partner Sipahioğlu, who noted that until today, most of the citizens did not prefer to take out their gold under the pillow; “At the moment, there is an atmosphere of insecurity due to the changing market conditions. Citizens keep their gold under the pillow for the most urgent situations. I do not expect that the gold of the pillows will come out from under the pillows, especially in this difficult pandemic process where the budget of the treasury is negative.”
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Metin Sipahioglu; added that they predicted that the March leg of the Istanbul Jewelry Show, which will be held after a break of about 3 years, will be quite productive for both buyers and sellers, and that as the Has Gümüş family, they wish success to all companies that will participate in the fair.