Turkish habit of stashing gold "under the pillow' hurts economy, government says

NPR

September 16, 2026 at 12:55 AM

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Turkish habit of stashing gold "under the pillow' hurts economy, government says

For years, Turks have stashed their gold at home against a raining day, mistrustful of banks. Now the government says that tradition hurts the economy

Jewelry displays gold at the Grand Bazaar in Istanbul, Turkey, on Aug. 26, 2026.

Finance Minister Mehmet Şimşek has said that about $640 billion in gold and foreign currency is held outside the financial system. For many Turkish savers, physical gold is still a safe way to protect their money from inflation and economic uncertainty. This practice is known as "yastık altı altın," or "gold under the mattress," referring to the tradition of keeping wealth in physical assets rather than in banks.

For years, Turks have stashed their gold at home against a raining day, mistrustful of banks. Now the government says that tradition hurts the economy

(Image credit: Emre Çaylak for NPR)

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Original source:

https://www.npr.org/2026/09/15/g-s1-143414/turkey-gold-economy