Türkiye has introduced a 20% extra charge for some gold imports, according to a decision published in the Official Gazette early on Tuesday.
This move comes amid an effort to curb the negative impact on the current account balance.
The decision said that gold imports originating from countries without a free trade agreement and that are not in the European Union will be charged an additional fee on top of existing import and other duties.
The gold imports that will be charged the extra fee as part of the decision include gold jewelry products and parts, and some base metal products plated with precious metals.
Türkiye’s current account deficit widened mainly due to high gold and energy imports and stood at $37.7 billion in the first five months of the year, widening some 44% when compared to the same period last year.
Exports in gold production and trade will also be encouraged as part of the decision.
According to figures from Türkiye’s Trade Ministry, gold imports recorded an increase of 5,1%, surpassing $217 billion for the January-July period in 2023, compared to the same period of the previous year.
Breaking News Turkey with agencies