BANKING - 2.5 tons of gold move from ‘under the pillow' to Bank Asya accounts

www.todayszaman.com -Turkey's leading participation bank Bank Asya's General Manager Abdullah Çelik has said that they have taken in 2.5 tons of gold since March as a result of a campaign to transfer what is called the "under-the-pillow" precious metals as functioning assets to the national economy.

Offering customers a chance to open a time deposit gold account in Bank Asya, the "golden account" program was first introduced on March 19.  (source)



Çelik expressed satisfaction at the results and said the bank increased its prediction of collecting four tons of gold by the end of the year to 5 tons and added, “as the bank, we are holding 12 tons of gold in total.” So far, people have brought gold jewelry such as bracelets, earrings and necklaces into banks. He noted that people have been using this gold as collateral when applying for loans and he stressed its contribution to the economy, particularly in production and employment.

Describing that the “golden accounts” are beneficial products for customers, he explained: “We expect that gold accounts will receive more attention in the future since we now offer dividend payments from profits to the accountholders. This way, the gold is also being safeguarded from theft in addition to providing extra revenue.” Noting that Bank Asya places importance on employment, he said, “We plan to open more branches by the end of August, entering September with a number of new branches.”

Source: http://www.todayszaman.com/news-288730-25-tons-of-gold-move-from-under-the-pillow-to-bank-asya-accounts.html  - Aug 6, 2012