Borsa Istanbul plans to increase its gold storage by ten-fold
February 21 2017 09:40 PM
The Turkish national flag (left) and the Borsa Istanbul flag hang alongside financial data displayed inside the Borsa Istanbul (file). Turkey’s gold reserves have tripled since late 2011.


Turkey’s Borsa Istanbul plans to open a new precious-metals vault next month that will boost storage about 10-fold as the exchange looks to tap more of the global market.
The new facility will hold more than 1,600 metric tonnes of gold and other metals, Himmet Karadag, the exchange’s chairman, said in an article published by the World Gold Council. That compares with ICBC Standard Bank’s 2,000-tonne London vault, one of Europe’s largest.
Gold demand will also benefit from new rules that allow the metal as an investment in Islamic finance, Karadag said. 
The bigger vault will allow Borsa Istanbul, which owns the Istanbul Gold Exchange, to strengthen its partnership with the central bank and help Turkey become a gold-storage hub, Karadag said. The nation is the sixth-biggest gold consumer, according to the London-based council.

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