Gold production in Turkey ... a new record in 2019:
The difficult economic conditions that Turkey has gone through in recent years have had a role in pushing the Turkish government to take many decisions and steps in order to maintain the stability of the Turkish economy,
And everyone must have noticed recently the drop and turmoil in the value of the Turkish lira against the US dollar in the financial exchange markets.
These changes and obstacles that have been put in front of the Turkish economy have led to Turkey's orientation in the matter of the labor market to increase dependence on gold as an alternative to the US dollar in all trade exchanges in the country
Turkey's recent economic crisis has reinforced the tendencies of its business market to increase dependence on gold as an alternative to the dollar in trade.
According to the studies of the Turkish government, gold can be considered as a good and even excellent option for the country's economic and financial policy
In this regard, Turkish President Recep Tayyip Erdogan had called during the "International Congress of Entrepreneurs" to rely on gold in trade exchanges as an alternative to the dollar used as an international currency, explaining that his country has begun to take actual steps in this aspect.
In this context, some people may ask about the advantages of using gold for trade exchanges instead of the US dollar. The answer is:
It is according to experts that relying on gold in trade exchanges is very important for Turkey's financial stability in the face of pressure from international markets.
It would also contribute to facilitating international trade exchanges and assist the country in reducing dependence on the dollar and thus reach a kind of economic independence for Turkey, which would contribute to the balance of Turkey's economy and even push it to develop more.
Gold occupies a privileged place in the culture of the Turkish people, as they use it to save, decorate and gift it on occasions, especially marriage and newborns.
Some reports indicate that the Turks store about 3,500 tons of gold worth more than $ 70 billion.
Turkish economic reports indicate that the country's exports of gold have increased by 60% during the past five years, reaching $ 3.3 billion in 2017.
The data published by the "Association of Jewelry Exporters" in Turkey at the conclusion of the activities of the "International Gold Jewelry" in Istanbul, that the country has the largest production capacity in this sector at the level of Europe and the Middle East.
Today, Turkey ranks second after India in the field of jewelry manufacturing and comes in ninth in relation to its export
Turkey's record for gold production in 2019
Because of this new trend taken by the Turkish government towards gold, the latest statistics related to the past year, which is 2019, showed that gold production in Turkey has set a new record, reaching 38 million tons, which is the highest level in the history of the Turkish Republic, according to a statement issued by Turkish Gold Mining Workers Association (AMD).
In the statement, the president of the association, Hassan Yocil, expected that gold production in 2020 would increase to more than 45 tons to reach a new record.
Where about 338 tons of gold were produced between 2001 and 2019 in Turkey
However, scientific studies indicate the existence of possible reserves of 6500 tons, from which 1100 tons have been extracted so far.
On the other hand, the heavy dependence on gold today also contributes to solving other economic problems in Turkey, such as the unemployment problem, as the gold production sector in Turkey employs approximately 10,000 people,
Gold production in this way helps today to bridge the deficit in the Turkish treasury, as Turkey used to import every year between "importing 140-160 tons of gold, which creates a deficit of between 7 and 8 billion dollars."
This step comes within a package of projects and decisions adopted by the Turkish government today, with the aim of improving the economic situation on the one hand and maintaining the momentum of arrival by foreign investors to invest in Turkey on the other.
Especially in the real estate market of Turkey, as this market is considered one of the most active, strong and stable markets and the most requested by businessmen and investors from different countries of the world.