ANKARA(BullionStreet): Five months after starting the campaign ‘golden account’ Turkey’s banks adding tons of gold to their account.

The ‘golden account’ scheme, which started in March, offering customers a chance to open a time deposit gold account in banks as functioning assets to the national economy.

Country’s leading participation bank Bank Asya 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.

The bank said it expects to collect four tons of gold by the end of the year as people have brought gold jewelry such as bracelets, earrings and necklaces into banks.

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, analysts said.

‘Golden accounts” are beneficial products for customers,they added as these accounts will receive more attention in the future since we now offer dividend payments from profits to the account holders.

This way, the gold is also being safeguarded from theft in addition to providing extra revenue.

http://www.bullionstreet.com/news/turkish-banks-collect-tons-of-gold-via-golden-account/2526