World Economy

Raising Gold Storage Capacity

Raising Gold Storage CapacityRaising Gold Storage Capacity

A new facility which could boost Turkey’s precious-metals storage capacity tenfold will come into operation soon, the head of Borsa Istanbul said on Friday, World Bulletin reported. In an exclusive interview, Himmet Karadag said the new facility–with the capacity to hold up to 1,600 tons of precious metals–will be near Golden City, the largest such integrated production and trade center in the Middle East region. Saying that the Central Bank of Turkey currently has 479 tons of gold in its reserves, Karadag said they are in close contact with the central bank about how much of these reserves may be stored at the new facility.