Critical gold decision from the Ministry of Treasury and Finance

The statement made by the Ministry of Treasury and Finance is as follows:

"As is known, considering the negative effects of the recent rise in unprocessed gold imports on the foreign trade balance and balance of payments, a quota for unprocessed gold imports has been implemented as of 07.08.2023 as a measure to reduce the growth rate of gold imports.

In order to mitigate the problems conveyed to our Ministry due to the contraction in the supply of unprocessed gold in the market following the quota implementation, as of April 2024, an unprocessed gold import quota has been allocated to T.C. Ziraat Bankası A.Ş. and Vakıf Katılım Bankası A.Ş., which have been granted operating licenses as precious metals intermediary institutions by our Ministry, to meet the needs of jewelry businesses authorized by the Ministry of Trade within the scope of the Regulation on Jewelry Trade published in the Official Gazette dated 14/4/2021 and numbered 31454.

Within the scope of the aforementioned practice;

Jewelry businesses authorized by the Ministry of Trade must submit their applications within the first 3 business days of the relevant month (for example, April 1-2-3 for the month of April) to T.C. Ziraat Bankası A.Ş. branches with their authorization certificates, or by sending a scanned copy of their authorization certificates to the e-mail address [email protected], specifying the amount of unprocessed gold they request in kilograms,

Following the notification by the bank to the relevant jewelry business regarding the amount they can purchase (for example, on April 4 for the month of April), payment must be made by the jewelry business to the bank within 3 business days (for example, on April 5-8-9 for the month of April), and following the payments made, the relevant bank will carry out the unprocessed gold import and deliver it to the rights holders at its branches in Istanbul.

On the other hand, a jewelry business must not submit requests to more than one bank within the same month, and if the contrary is detected, all requests of the jewelry business in question will be canceled."

News Source: 12punto