The amount of gold Turkey imported from Switzerland broke an 11-year record in January
The amount of gold Turkey imports from Switzerland rose to its highest level since at least 2012 in January as rising inflation boosted demand for the precious metals.
According to the Bloomberg report based on Swiss Customs data, more than 58 tons of gold were shipped to Turkey, the highest monthly data since January 2012. This figure accounted for 42 percent of Switzerland’s total gold exports. .
This figure comes after the purchase of gold bars increased as consumer inflation rose to 85 percent last year in Turkey.
MEASURES INITIATED
On the other hand, according to the news, Turkey started taking measures to limit gold imports after the devastating earthquakes that killed more than 41,000 people. In addition, the Central Bank asked banks to increase the price difference between buying and selling in currency and gold operations.
Foreign gold purchases have been one of the biggest obstacles to financing Turkey’s foreign trade deficit in recent months. As this trade put pressure on the already struggling lira, the central bank became the world’s biggest buyer last year, adding 148 tons of precious metals to its reserves.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
