Turkish government is trying to persuade citizens to transfer their personal belongings of gold, to the new banking system of the country in an attempt to bridge the funding gap estimated at about 10% of the gross domestic product. Economists said that policymakers should focus on the amendment to the tax law in mysterious Turkey.
The Turkish government is trying, which is currently facing a deficit in current account hypertrophied threatens to impact negatively on the country’s rapid growth, to convince citizens to transfer their personal Turks huge gold to the banking system in the country.
Reported in this context, today’s Wall Street Journal the U.S. that these efforts to take advantage of the gold reserves Profile – a traditional image of savings in the country – is part of attempts by Ankara to reduce the funding gap, estimated at the present time about 10% of the gross domestic product.
Government officials said that the banking regulator will be published soon plan to support incentives for consumers to deposit their wealth within the private financial system. The officials of the banking sector that they are considering opening new accounts to interest-bearing deposit of gold, will allow savers to withdraw their gold bullion from ATM machines are designed specially for this purpose.
The steps after the central bank said in November (November) the past that lenders may have got an up to 10% of the local currencies reserves of gold, as part of efforts to lure the Turks Moktnzi gold jewelery or for the deposit of mineral or Spaúkhm their currencies in banks. Economists and commented on it saying that the policy change at this level came to change the historical preference for the Turks to store a large proportion of personal wealth outside the banking system as a way to protect themselves from the economic fluctuations that have affected Turkey in recent decades.
And resumed the paper says that this effort was to form part of a wider battle in the range are fought to induce the deposit of more savings, and reduce at the same time the deficit ballooning current account, which is one of the pressure points that worry many investors that the cause in the heart of the country’s economy fast growth on its head, which is an economy that statistical estimates to grow by more than 8% over the past year.
Has widened the gap occurring in the current account for Turkey faster than expected in recent weeks amid a surge in oil prices and a set of data show the high demand by consumers in a way unexpected. Murad said Auxerre, an economist at Global Source Partners, a consulting company specializing in research in Istanbul, said: “Turkey suffered throughout history by crises and inflation, so it may be difficult to change the habit for the deposit of gold outside the banking system.”
While the decline in the value of the Turkish lira last year by almost 20% against the dollar, increased demand for the Turkish currency and gold bullion by 99% over the previous year, according to data from the World Gold Council. Which indicates that, despite an increase in income by three-fold and a sharp decline in the levels of unemployment during the past decade, the Turks still feel a state of nervousness regarding that keeping too much of the very banks of their property may leave them vulnerable to losses.
The data showed also that the savings that are maintained within the financial system has fallen sharply in the time that income when the economy was in a state of flux, a phase of relative stability after the outbreak of a banking crisis in 2001. Some economists have warned, in the meantime, the new government initiative that not only both sides of the scene, saying that he should decision-makers to focus on the mysterious amend the tax law in Turkey, and to support the public coffers through tax collection effectively.