World
Turkey to temporarily suspend some gold imports after deadly quakes
Turkey will suspend some gold imports as part of an emergency plan to mitigate the economic fallout from twin earthquakes that hit the country’s southeast last week, according to an official with direct knowledge of the matter.
The Treasury and Finance Ministry has finalized the regulation that will force a pause in gold purchases from abroad that fall into the category of “cash against goods,” the official said, asking not to be identified as the decision has not been made public.
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The ministry declined to comment.
Gold imports were among the biggest drags on Turkey’s external finances in the months before the deadliest temblors to hit the country in almost a century. Turks invested in the precious metal as a hedge against rampant inflation and steep declines in the lira.
The deficit in Turkey’s current account, the broadest measure of trade and investment, widened to $48.8 billion in 2022, with gold imports accounting for $20.4 billion of the total, according to official data. The current-account gap was the widest in at least a decade.
Turkey was also the biggest buyer of gold among central banks last year. Its gold reserves were at the highest level on record, the World Gold Council said last month, soaring by 148 tons to 542 tons.
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