Turkiye Is Bankası AS (ISATR), Turkey’s biggest bank by assets, plans to collect $1 billion of gold in its deposit accounts by the end of the year, Milliyet newspaper reported, citing deputy chief executive officer Erdal Aral.
As much as 5,000 metric tons of gold is stored “under the mattress” in Turkey, Aral said, according to the Istanbul-based newspaper. Gold deposit accounts have surged to 13.6 billion liras ($7.4 billion) from 3.1 billion liras within the past year, according to data released by the banking regulator, Milliyet quoted Aral as saying.
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