A quota has been introduced for gold, silver imports have soared
Tolga UĞUR
While gold imports decreased due to restrictions imposed with the aim of reducing the current account deficit, silver imports increased in September. According to data from the Borsa Istanbul precious metals market, 106.8 tons of silver were imported in September. This data was recorded as the largest import after March, when the record was broken with 123.1 tons. At the same time, silver imports increased by 234.7 percent monthly in September, reaching the second highest monthly figure in history. Total imports of silver, which has an industrial function and its use for investment purposes, in the first nine months of 2023 increased to 671.3 tons. Looking at monthly data, silver imports have never fallen below 50 tonnes in 2023, except in August. Total silver imports in the first 9 months of 2023 have already exceeded every year except 2022, when 833.9 tons were imported.
LOW REGRESSION
It should be noted that the increase in silver imports coincided with the decrease in gold imports, another important commodity. According to the data, Turkey’s gold imports in the first nine months of this year were 257.3 tons. Due to lack of confidence in economic policies, gold imports increased to 68.3 tons in January, breaking an all-time record. However, due to restrictions imposed since February, gold imports decreased to 14.9 tons in September. The government imposed a limit on gold imports in February and a quota in August after the annualized current account deficit reached record levels of $60 billion.
Mehmet Ali Yıldırımtürk
‘Perhaps for industrial purposes’
Gold and money markets expert Mehmet Ali Yıldırımtürk responded to the question about the 234 percent increase in September by saying: “Silver imports are not directly related to savings. There may be another use. “There may have been an increase in imports for industrial use,” he responded. Yıldırımtürk noted that silver imports were carried out through the London and Swiss Metal Exchange and recalled that there was an increase in imports in 2020 due to the effect of the Covid-19 epidemic.