Turkey’s gold imports in September 2022 will be Just over 39,000 kg, more than 16 times the amount brought into the country in September 2021. Turkey’s surge in gold imports has reportedly been fueled by increased demand for the precious metal by individuals and entities using gold in foreign exchange transactions.
“Gold instead of the Turkish lira”
According to data from Precious Metals and Diamond Markets in Borsa Istanbul, gold imported into inflation-plagued Turkey in September 2022 The amount was more than 1,700% higher than the amount brought into the country during the same period last year.
His September her 39,000 kilogram (kg) amount in this country brings the total amount of precious metals imported by the Turks in 2022 to 140,126 kg. As noted in a reportpublished by the Hurriyet Daily News, Turkey’s January 2010 imports of her were 44,210 kg, still the largest in the country.
Tuna Çetinkaya, deputy general manager of Info Investment, explained why the amount of gold being brought into Turkey is soaring, saying that this surge reportedly associated with Demand for identity requirements for buying foreign exchange. He said:
This regulation encouraged people and entities with a high demand for FX [foreign exchange] to use gold instead of the Turkish lira in foreign exchange transactions.
When the official exchange rate was just under 5.50 lira to the dollar in January 2020, Turkey’s currency fell more than 300%. At the time of writing, one dollar buys 18.58 lira. The depreciation of the currency, along with a surge in inflationreaching 83.45% in September 2022, has forced Turks to seek alternative stores of value.
In addition to gold, the Turks also imported large amounts of silver during the same period. The latest figure is almost double the 36,417 kg imported in September 2021. Turks not only demand precious metals, but also use digital currencies such as Bitcoin and stablecoin Tether.
As recently reported by Bitcoin.com News, Turkey is home to the largest cryptocurrency market in the Middle East and North Africa (MENA) region.
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