Borsa Istanbul Chairman Karadağ announced the gold-storing facilities to be built will increase Turkey's current capacity to store hidden gold 10-fold, aiming to become London's rival
Bsa Istanbul Stock Exchange Chairman Himmet Karadağ said the gold-storing facilities which would increase Turkey's current capacity for storage of hidden gold ten-fold with a capacity to hold up to 1,600 tons of gold and silver will soon begin operating near Kuyumcukent in Istanbul. "As in London, where gold bars of foreign countries are kept safe, [Turkey] aspires to have the same capacity [for gold storing] as well," Karadağ said.
Speaking to Anadolu Agency (AA), Karadağ emphasized that market capital and the stock exchange should be strengthened in terms of volume and product diversity, including Islamic finance within that scope. The chairman said that establishment of an International Advisory Council is crucial for drawing Gulf capital to Turkey, attracting Islamically sensitive investors and increasing product diversity.
Karadağ noted that they would pave the way for not only participating banks but also non-affiliated banks that stand to benefit from the council, which would set standards to aid in the production of Islamic financial products, as well as conducting audits of those standards.
Pointing out that Turkey's 20 megaprojects were not traded on the stock exchange, Karadağ said: "We certainly need to talk to project owners and ask them to come to the stock exchange and capital markets. This proposition has serious potential. I have spoken to international investors who would like to see our prestigious mega projects on the stock exchange and in capital markets.
They are very excited." When asked how much gold Turkey has, Karadağ said: "The Central Bank of the Republic of Turkey (CBRT) currently has about 479 tons of gold reserves."