ISTANBUL – In need of gold? In the Turkish metropolis of Istanbul you can now go and get it from a ‘gold ATM’. For the small Turkish bank Kuveyt Türk, introducing a gold ATM was a logical step after specializing in the private gold market.
Turks love gold: it’s the most frequently given present for births, engagements and marriages. An estimated 5 million kilos of gold are kept in Turkish homes. The gold is only used in times of financial crisis. Kuveyt Türk offers customers the possibility to let the gold increase in value in the bank and to speculate with it. Logical next step was offering the purchase of gold at any time of the day, without using the wide network of jewelers.
The bank says on a daily basis about five people get gold from the wall, and that this amount is slowly increasing. Kuveyt Türk plans to turn more ATM’s in Turkey into gold ATM’s.