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Turks follow Erdogan's call to get rid of dollars & buy gold

November 16th, 2017
Categories: News

Link: https://www.rt.com/business/409916-turks-buy-gold-reject-dollar/

Turkey has sharply ramped up gold buying with both the central bank and ordinary people joining the rush.

“Bar and coin purchases, a measure of investment demand, were 47 metric tons so far in 2017, compared with 14.8 tons in the same period a year ago,

A year ago, President Recep Tayyip Erdogan called on the Turkish public to keep savings in gold and avoid the US dollar, urging the central bank to back that policy.

At the same time, the exchange value of the Turkish lira has dropped 15 percent since the beginning of October. The plunge inevitably makes the national currency increasingly unattractive as a savings vehicle.

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