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Turkey May Permit Banks to Buy, Sell Gold Items, Milliyet Says

Turkish banks would be able to buy and sell gold coins and jewelry under legislation being drafted by the banking regulator, Milliyet reported, without saying where it got the information.

The matter is on the agenda because people want to withdraw savings in the form of gold, rather than in Turkish lira or in foreign exchange, the newspaper said, citing Erdal Aral, Turkiye Is Bankasi AS (ISCTR)’s deputy chief executive officer. The move would “seriously hit revenues” and push traditional jewellers into underground trading, according to Kamil Karakas, the chairman of gold producer Karatas Atlantis Kiymetli Madenler AS, Milliyet said.

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To contact the reporter on this story: Sibel Akbay in Istanbul at sakbay@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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