Turks seek gold more than liras in response to Erdogan’s call
gata.org / By Constantine Courcoulas / Friday, December 16, 2016
Asked by President Recep Tayyip Erdogan to shun the dollar, Turks are favoring gold over liras.
On the face of it, the appeal to defend the Turkish currency worked. It arrested the biggest three-week surge in foreign-currency deposits since August as Turks drew down a net $450 million from these accounts in the week ended Dec. 9. But residents also boosted their precious metal holdings, traditionally denominated in dollars, by $700 million, a hint that confidence in their currency remains tenuous, according to Nomura Inc. …
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Source: http://silveristhenew.com/2016/12/18/turks-seek-gold-more-than-liras-in-response-to-erdogans-call/
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