Turkey will impose quota restrictions on imports of raw gold.

Release time:

2023-08-16

Source:

Yangtze Nonferrous Metals Network

　　According to a report by Turkey’s Anadolu Agency on August 7, foreign media reported that Turkey will impose quota restrictions on gold imports.
　　A source familiar with the matter revealed that Turkey’s Ministry of Finance is planning to impose quota restrictions on imports of unprocessed gold, in order to reduce the negative impact of such imports on the current account balance.
　　Turkey’s Anadolu Agency reported that the Ministry of Finance has decided to introduce a quota system. This move is aimed not only at easing the budget deficit but also at boosting Turkey’s foreign exchange reserves. It is understood that the Ministry of Finance and the Ministry of Trade will soon complete the legislative work on this measure. Companies that import raw gold for processing and subsequent export will be exempt from the so-called “quota” system.

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The steel industry faced challenges in the first half of the year but demonstrated resilience, with exports experiencing significant growth.

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