Why are there no gold coins in Turkey?
The Turkish government has recently announced that gold coins will be legal tender, but a number of experts are warning that the move is a bad one.
The move comes amid a sharp rise in inflation in the country, which is expected to reach 10 per cent in 2017, making it the most expensive country in the world.
An estimated 20 million people are expected to receive gold coins as part of a scheme announced by President Recep Tayyip Erdogan earlier this year.
In a statement, the Central Bank of Turkey said gold coins would be legal for use as long as the coins are registered with the central bank.
“The Central Bank will be issuing coins for the issuance of gold and silver coins, as well as coins of other denominations, as per the requirements of the law,” the statement read.
While the announcement was greeted with applause, the move has sparked debate on social media.
According to the BBC, the Turkish government will issue gold coins worth 1,000 to 1,200 Turkish lira (US$1.3 to $1.7) to anyone who registers with the Central Banks Office of Gold Coins.
Erdogan’s move came amid an increase in inflation, which has risen more than 40 per cent since 2013, and the country is facing the biggest economic crisis in decades.