New scheme eases depositing gold savings

September 14 2020 07:00:30

New scheme eases depositing gold savings

ISTANBUL

Turkey has been testing a new system to take gold savings kept at home into circulation via bank accounts.

The Jeweler Gold Valuation System (KADSİS) aims at channeling 3,000 tons of individually owned gold staying idle to accounts opened at state lenders Ziraat, Vakıfbank and Halkbank.

Under the system established in collaboration with Istanbul Gold Refinery, individuals will be able to deposit gold savings into bank accounts after a valuation at jewelry shops designated as Gold Valuation Points (ADNs).

Some 70 jewelry shops have already been involved in a pilot KADSİS scheme. The number of ADNs across the country will be increased gradually.

Individuals will be able to take out gold savings from their bank accounts in cash or 24-carat gold coins.
Bank branches take in gold savings only on certain days announced weekly or monthly.

Türkiye to receive larger foreign capital: Chamber head

Local textile industry facing challenges in export markets

Turkish Airlines hopes to bring more tourists from Chile

Credit card payments increase 78 percent in November

Central Bank expected to cut key interest rate this week

Trump threatens to take back control of Panama Canal

Sri Lanka’s Dissanayake to pay visit to key lender China

WORLD

2 US pilots shot down over Red Sea in 'friendly fire'

Two U.S. Navy pilots were shot down over the Red Sea on Dec. 22 in "an apparent case of friendly fire," the American military has said.

ECONOMY

Türkiye to receive larger foreign capital: Chamber head

Türkiye is expected to receive larger foreign capital and resource inflows next year as its economy becomes increasingly more stable and incentives investors, according to Erdal Bahçıvan, chairman of the board of directors of the Istanbul Chamber of Industry (İSO).

SPORTS

Fenerbahçe in tatters after Athletic loss

Fenerbahçe headed into turbulent times after a home loss in the Europa League against Athletic Bilbao on Dec. 11 night added to the club’s wounds and sparked fan protests.