Gold Price Turkey
Turkey is known officially as the Republic of Turkey. The country’s largest city is Istanbul while its capital is Ankara. The Turkish Government is a unitary parliamentary constitutional republic. Turkey has a population of approximately 80,000,000, making it one of the most populous countries in the world. It has a land area of some 302,000 square miles, and the official language spoken is Turkish.
The official currency of Turkey is the Turkish Lira. Like many other global currencies, the lira can be subdivided into 100 smaller units of currency called kurus. The lira originated from the ancient Roman unit of weight known as the libra, which referred to a troy pound of silver. The First Turkish Lira was in place from 1923 to 2005. The value of the first edition eventually slid so far that the nation was eventually forced to revalue its currency and introduce a second edition.
The Second Turkish Lira was introduced in 2005 and remains the nation’s official currency to this date.
The Turkish Lira is issued and controlled by the nation’s central bank known as the Central Bank of the Republic of Turkey. The central bank was established in 1930, and is headquartered in the capital city of Ankara. The central bank has numerous responsibilities in addition to issuance and management of the country’s currency. Some of the bank’s primary objectives include maintenance of price stability, management of international reserves and oversight of payment systems.
Turkey is one of the globe’s largest consumers of gold, and demand from the country may continue to accelerate. The metal has a long and significant history in the nation, and investors have turned to gold to act as a hedge against inflation and declining paper currency values.
The Turkish economy is considered an emerging market economy. The nation is one of the globe’s leading producers of numerous products including ships, appliances, consumer electronics, agricultural products, textiles and construction materials. Turkey also has numerous mineral deposits. The diversified variety of minerals found in the nation include chromium, coal, copper, mercury, gold, barite, marble, limestone, uranium, iron ore and more.
The Turkish State Mint is in charge of producing both circulation as well as commemorative coins. The mint operates as a part of the treasury department, and is located in Central Istanbul. The mint is also involved in other areas as well, such as the production of republic gold coins, official seals, tokens, visas, tax stamps, passports and other types of printing
Although Turkey is not known as a major mining country, it does have some of the oldest mines in the world. Gold was reportedly discovered in the country as early as 9000 B.C., and began being seen in Turkish artifacts as early as 3000 B.C.
Some believe that Turkey could have significant deposits of gold, and that the industry could see significant growth leading to the nation becoming a major producer. Currently, Eldorado Gold operates the Kisladag mine in turkey, the nation’s largest gold mine.