Eternal Value: Turkish Investors Shift to Gold From US Dollars…(Having Alot Of Server Issues….GRR)
SputnikNews.com
21.11.2017
As Turkey drastically increases its purchases of gold, it appears that the country’s banks and investors increasingly favor the precious metal over US dollars, and seek to protect their assets from the Turkish currency’s volatility.
Tuncay Tursuncu, head of the investment market research company Integral, told Sputnik Turkiye that the main reason for the increase in gold purchases by Turkey may be an attempt to deal with the high US dollar exchange rate variability in Turkey as Turkish lira weakens against the US currency.
“As we know, the Central Bank made certain steps to increase the gold reserves. Banks were advised to maintain a portion of their currency reserves in gold. The main reason for this development is the high US dollar exchange rate variability in Turkey during the last two years. Turkish lira weakened against the US dollar, which resulted in the decrease of the reserves. The Central Bank, therefore, moved to ensure that the gold and foreign currency reserves would be able to overcome the lira’s volatility,” he said.
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