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.