When in Turkey…

When one moves to Turkey, it is important to adapt to the way of life; learning Turkish, getting accustomed to Turkish food and culture is a must.

One other thing that I’ll recommend to be taken up is the Turkish people’s interest in gold, the head of Istanbul Gold Exchange estimates that Turks have about 5,000 tons of hoarded gold, worth $220 billion at current prices, “hidden under their pillows.  Now that’s not a bad habit to adapt especially with gold prices at a record high.

Unlike the UK, gold is very accessible in Turkey; Turkish bank Kuveyt Tark has increased marketing of gold products in the past three years. The bank has attracted about $300 million in gold deposits, attaining a market share of almost 20 per cent since starting its gold products in 2007.

Now the bank said it will upgrade its automatic teller machines within a month to distribute gold as well as banknotes.

The ATMs will dispense certified gold coins, which customers can withdraw from gold deposit accounts at Kuveyt Türk or buy with a credit card or cash.

Since the price of gold will be cheaper compared to the UK and the rest of Europe, it is an investment worth looking into when moving to Turkey.




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