(Bloomberg) — Turkey has a new plan to coax gold to its financial system after previous efforts barely made a dent in a so-called under-the-mattress stash valued at about 40% of gross domestic product.The Turkish Treasury and the Istanbul Gold Refinery will let selected jewelers collect gold from citizens and deposit it at state banks. A major difference under the new regulations is that customers would be able to withdraw physical gold, according to Aysen Esen, the refiner’s chief executive officer.Previous attempts to get gold into the system have largely failed. Some 100 tons have been pulled into lenders’ gold …read more
Source:: Yahoo Finance
