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Turkish Investors Prefer Gold To Banks

News Posted On: 01 April 2011

People in Turkey prefer to put their money into gold or cash rather than in banks in spite of reassurances from the Prime Minister that the money would be much safer in a bank. Figures show that while one Turkish citizen will deposit money into an account another three prefer to buy gold or use cash.

This is quite a problem for the Prime Minister who really needs his citizens to commit to banks, but he is trying to change the habits of a lifetime as many can clearly remember the decades of instability that wracked the country before the current government came to power.

Erdogan’s government has been in power much longer than previous governments as the average term used to be just 16 months, and people still need to become accustomed to the stability and democracy that now reigns.

Even though the median age here is just 29 a lot of young people have already experienced military rule and a series of failed coalitions, overnight currency devaluation and a banking crisis. Many can also remember that inflation peaked at 130% in January 1995 even though it is now just 4.2%.

Erdogan is now aiming for a third term leadership and if successful would become the longest serving leader since competitive voting began in 1950. His campaign involves putting forward a new constitution that would be the first non-prepared under military rule and comes on the back of record economic growth.

This economic growth places Turkey much closer to meeting the standards for EU membership than a lot of the countries that already belong.

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