Turkiye will suspend some gold imports to soften the economic impact of last week’s earthquakes, Bloomberg News reported on Tuesday, citing an official with direct knowledge of the matter.
The suspension drawn up by the Treasury and Finance Ministry will target gold purchases that fall into the category of “cash against goods” from abroad, Bloomberg reported.
It was not clear what proportion of Turkey’s gold imports would be affected and the ministry did not immediately respond to a request for comment.
Earthquake could cost Turkiye up to $84bn: business group
Turkey’s gold imports have increased in recent years as more Turks buy bullion to protect their wealth from soaring inflation and a weakening domestic currency.
The country had a current account deficit of $48.8 billion last year, largely because of the high amount of bullion entering the country. In January Turkiye imported gold worth $5.1 billion, trade minister Mehmet Mus said.
A 7.9 magnitude earthquake 7.9 struck central Turkiye and northwest Syria last week, killing tens of thousands of people as buildings collapsed across the snowy region, triggering a search for survivors trapped in rubble and a mass exodus from the region.
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