Gold Deposits Surge in Turkey as Savings Habits Shift Sharply

New data released by Turkey’s Banking Regulation and Supervision Agency (BDDK) indicate a rapid transformation in household savings behavior, with gold emerging as a prominent investment preference. According to end-2025 figures, domestic deposits grew by nearly 45 percent year-on-year, while gold-denominated accounts recorded an exceptional surge.

Based on BDDK’s Fintürk statistics, total deposits held by domestic residents reached 25.55 trillion Turkish lira by the end of 2025. Of this amount, 16.07 trillion lira consisted of Turkish lira deposits, while 9.48 trillion lira was held in foreign currency–denominated accounts. Notably, nearly one-third of foreign currency deposits consisted of gold accounts, highlighting the growing role of gold in the banking system.

The sharp increase in foreign currency deposits was largely driven by the expansion of gold accounts, reflecting both global market dynamics and domestic risk perceptions.

Gold Deposits Rise Two and a Half Times in One Year

The global rally in gold prices that defined financial markets in 2025 had a strong spillover effect in Turkey. The monetary value of gold deposits increased by 149.5 percent in just one year, reaching 3.40 trillion Turkish lira.

As a result, gold’s share in total domestic deposits rose significantly, climbing from 7.8 percent to 13.3 percent by year-end. This shift signals a clear reallocation of household savings toward assets perceived as safe havens amid inflation concerns, currency volatility, and global uncertainty.

Gold deposit accounts include balances backed by physical gold, as well as by Turkish lira or foreign-currency equivalents, recorded in digital form. Importantly, gold held outside the banking system — commonly referred to as “under-the-mattress” savings — is not included in these figures, suggesting the true scale of gold holdings may be even larger.

Major Cities Dominate Gold Deposit Volume

According to Dünya Gazetesi, Istanbul leads the country by a wide margin in the absolute size of its gold deposits. As of the end of 2025, gold accounts in Istanbul totaled 1.18 trillion Turkish lira, accounting for more than one-third of nationwide gold deposits.

Ankara followed with 399.1 billion lira, while Izmir ranked third with 204.7 billion lira. Other provinces with sizable gold deposit volumes included Antalya, Bursa, Kocaeli, Konya, and Adana.

Despite Istanbul’s dominance in absolute terms, the city ranked last when measured by the share of gold within total local deposits. This reflects Istanbul’s highly diversified deposit base, in which Turkish lira and other foreign-currency assets also play a substantial role.

Rize Tops the List in Gold Share of Deposits

When deposits are examined by composition rather than size, a different regional picture emerges. Rize recorded the highest share of gold in total deposits nationwide.

By the end of 2025, 43.8 percent of all bank deposits in Rize were held in gold accounts. Additionally, nearly two-thirds of the province’s foreign currency deposits consisted of gold, underscoring the region’s strong preference for the precious metal.

Rize was followed by Çankırı, Malatya, Kütahya, Kırıkkale, and Karabük. In each of these provinces, gold accounted for more than 30 percent of total deposits, indicating a structurally distinct pattern of savings relative to major metropolitan areas.

Provinces with Lowest Foreign Currency Exposure

At the opposite end of the spectrum, several provinces recorded relatively low levels of foreign currency and gold holdings. Ardahan, Bitlis, Şanlıurfa, Diyarbakır, and Kastamonu were identified as provinces in which the combined share of foreign currency and gold deposits remained below 30 percent.

Economists note that these differences may reflect variations in income levels, access to financial instruments, risk appetite, and regional economic structures.

Nearly Half of All Deposits Concentrated in Istanbul

The data also highlights the continued concentration of financial wealth in Turkey’s largest city. Istanbul, home to approximately 18 percent of the country’s population, accounted for 45.6 percent of all domestic bank deposits by the end of 2025.

This translates into a total deposit volume of 11.65 trillion Turkish lira held by Istanbul-based account holders. Ankara and Izmir followed as the second- and third-largest deposit centers, reinforcing the dominance of Turkey’s three largest cities in the financial system.

Analysts say the strong growth in gold deposits reflects both macroeconomic conditions and behavioral factors. Persistent inflation, global geopolitical risks, and memories of past currency volatility have encouraged households to prioritize asset preservation over yield.