Turkiye to announce scheme to covert household gold holdings into lira

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Turkiye would announce a new scheme soon to get households to convert gold holdings into Turkish lira, according to the country’s treasury and finance minister Nureddin Nebati, who recently outlined his government’s new economic path to investors in London, vowing to keep the exchange rate stable, bring inflation down to single digits and keep dollarisation at bay.

In a series of meetings with investors and bankers on his first trip abroad, Nebati met nearly 100 high-level executives and pitched his country’s new economic model based on low-interest rates.

President Recep Tayyip Erdogan has been endorsing a model based on lower borrowing costs, which he says will boost production, employment and exports, and also eventually help Turkey solve its chronic current account deficit problem and contribute to stabilising the lira.

Turkiye would announce a new scheme soon to get households to convert gold holdings into Turkish lira, according to the country’s treasury and finance minister Nureddin Nebati, who outlined his government’s new economic path to investors in London, vowing to keep the exchange rate stable, bring inflation down to single digits and keep dollarization at bay.

At the meetings, he highlighted Turkey’s dynamic production capacity, strong growth performance, healthy public finance, firm banking sector and low debts, according to Turkish media reports.

Emphasising that the inflation in his country is temporary, communication with bankers and investors will be regularly maintained, Nebati told a press conference at the Turkish Embassy in London.

Turkiye’s annual inflation soared to a 20-year high of 48.69 per cent in January, according to official data. The Turkish lira has been broadly stable since the start of the year following a 44 per cent decline in 2021. It had hit a record low of 18.4 against the United States dollar in December but rebounded after Erdogan’s announcement of a scheme to boost lira deposits by protecting them against depreciation.

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Investors are also eyeing Ankara’s foreign borrowing plans.

Fibre2Fashion News Desk (DS)



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