Posted on 02/16/2022 2:43:29 AM PST by RomanSoldier19
woman looks at gold in a jewelry store in Ankara, Turkey,on Feb. 14, 2022. (Photo by Mustafa Kaya/Xinhua)
As Turkey is battling economic woes and low foreign currency reserves, authorities want to draw the yellow metal stored by citizens into the banking system.
by Burak Akinci
ANKARA, Feb. 15 (Xinhua) -- Gold has a central place in Turkish customs from birth to weddings. As the country is battling economic woes and low foreign currency reserves, authorities want to draw the yellow metal stored by citizens into the banking system.
As Turkey's annual inflation surged to a two-decade high of 48.7 percent in January, while the local currency lira was steeply depreciating against the U.S. dollar, the government tried to encourage citizens to bring the so-called "under the mattress" gold worth billions of dollars into the system to save the lira.
"Under the mattress" gold is a term describing the asset stored by Turkish citizens at home as a buffer against rising prices and currency devaluation.
some guy Joe Blog - Turkey Gold Confiscation
(Excerpt) Read more at msn.com ...
give us your gold....we will pay you interest......we will give it back to you when you ask....trust us....
sadly, there are some stupid enough to believe this
Turkey is channeling Franklin Delano Roosevelt!
Turks are smart enough not to trust their government. They have the gold precisely because they don’t trust the banking system.
That’s because every country has to maintain proof of X amount of gold, silver and platinum reserves in order for their currency to be included in the new banking system. Yes folks QFS is coming.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.