How Much Gold Do Turks Keep "Under the Pillow"?
How Much Gold Do Turks Keep “Under the Pillow”?
🏠 A huge amount of gold in Turkey is still held outside the banking system — kept directly in people’s homes.
Estimates vary. Some sources suggest 5,000 tons of gold – roughly $705 billion. More conservative estimates put it at 3,100 tons, or about $363 billion at current prices.
📉 economists agree: this is a massive resource that effectively does not participate in the country’s economy.
For several years, Turkish authorities have been trying to bring this gold back into the financial system. President Erdoğan and the Ministry of Finance encourage citizens to use gold bank accounts, gold bonds, and other financial instruments.
Mehmet Şimşek, Minister of Finance:
According to the Minister, since 2019, these initiatives have attracted around 670 billion TRY (approximately $15 billion) in gold.
📊 gold under the pillow – at a glance
- high estimate 5,000 tons ($705B)
- conservative 3,100 tons ($363B)
- mobilized since 2019 670B TRY ($15B)
- instruments gold accounts · gold bonds
