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CIU lecturer gave explanations on "October 31st World Saving" Day

Dr. Hasan Rüstemoğlu Lecturer of Faculty of Economics and Administrative Sciences Cyprus International University (CIU) gave explanations on "October 31st World Saving" Day.

Lecturer Dr. Hasan Rüstemoğlu said that October 31st is celebrated as "World Saving Day" all around the world and saving has three meanings that are widely used. Dr. Rüstemoğlu said that the widely used first meaning of the subject is "Freedom to use anything as you wish (that is, the right to keep it in its own right)" while the second meaning emerges as an economic attitude and the third meaning is used as to mean saving money. Noting that savings are calculated in two ways in the economy, Dr. Rüstemoğlu stated that personal savings are in the first category and they are also called special savings.

Dr. Hasan Rüstemoğlu, Lecturer of the Faculty of Economics and Administrative Sciences said that October 31st is celebrated as "The World Saving Day" and he said that at the same time, the individuals who make up the smallest economic unit in the economy, do saving after they have made their consumption expenditures and tax payments. In the second category, there are savings in the public budget. He said that in the public budget, government records taxes that are collected as income and the expenditures as expenses that are made and the difference between the two creates the savings of the public.



Lecturer Dr. Hasan Rüstemoğlu underlined that according to the statistics of the International Monetary Fund (IMF) and the World Bank, 8 of the 10 most economically saving countries in the world are the world's richest countries in terms of underground resources such as oil and natural gas. These countries, which are classified according to the saving rates respectively, are Qatar, Kuwait, Algeria, Equatorial Guinea, Iran, Saudi Arabia, Azerbaijan and Gabon. Lecturer Dr. Hasan Rüstemoğlu stated that the other two countries, which are in the middle of the list, are China, that has attracted attention with its great economic acceleration over the last 40 years and Singapore that is a trade and finance centre.

Dr. Hasan Rüstemoğlu said that in Turkey and in the TRNC, the savings are very small in the economy and he also emphasized that studies in economics literature shows that saving is a significant boost to the country's economy.

Lecturer Dr. Hasan Rüstemoğlu said that people do savings from time, money, energy, consumption and production. Dr. Rüstemoğlu added that both individual and social savings will play an important role to reduce future uncertainty.

Last updated: 07-11-2017