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

For years, Turks have stashed their gold at home against a raining day, mistrustful of banks. Now the government says that tradition hurts the economy

(Image credit: Emre Çaylak for NPR)

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Source: NPR.

Written by

Hadeel Al-Shalchi

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