In Turkey, gold is more than just jewelry; it’s a traditional way to safeguard savings against economic instability. Many Turks prefer to keep their wealth in physical gold, a practice known as “yastık altı altın” or “gold under the mattress,” to protect against inflation and currency devaluation. Finance Minister Mehmet Şimşek noted that around $640 billion in gold and foreign currency is held outside the financial system, which some experts believe could harm Turkey’s financial future. At Istanbul’s Mahmutpaşa Bazaar, a popular spot for wedding shopping, gold remains a cherished gift for brides like Nefise Asker, who sees it as a financial safety net. This tradition reflects a broader cultural mindset where gold serves as a form of financial security, especially for those not participating in the formal economy.
QUESTION: How might the tradition of keeping wealth in physical gold impact Turkey’s economy in the long term?
Turkish habit of stashing gold “under the pillow’ hurts economy, government says
