A New Model in Compensation of Saving Deficit in Turkey: The Golden Days in Banking and Early Results

It is estimated that 210 billion $ and 5.000 tons under the mattress gold saving exist in Turkey. In order to bring this saving into financial system is so important in Turkey which is a developing country and have less saving rate. Therefore, government conducted some legal arrangement on gold banking and special program. Thanks to these arrangement people can make investment based on gold and bring their physical gold under the mattress savings into financial system. This special program, “the golden days”, provides that people bring their jeweleries and other golds to banks branch. These golds are evaluated by experts of gold refineries and are invested in gold deposit account of them. This study aims to show that why this programme is needed, show how it is applied and evaluate the results of the early years. Through the program about 40 tons of gold under the mattress savings, around 1% of total amount or 1,7 billion USD in value, are brought into economy from 2011 to 2014. The first results of program are hopeful. To increase the success of these results should be more efficient.