15.03.2025 09:40
A historic decision regarding the precious metal gold has come into effect as of today. The sale of gold bullion by jewelers across Turkey has been banned. It has been reported that the decision was made with the aim of protecting the value of the Turkish lira.
Changes have been made to the decree number 32 regarding the Protection of the Value of Turkish Currency. According to the decree published in the Official Gazette with the signature of President Recep Tayyip Erdoğan, jewelers will no longer be able to sell cut gold.
Sales of cut precious metals will not be allowed to individuals residing in Turkey, except for jewelers authorized by the Ministry of Trade and individuals who are registered in Turkey and whose tax certificate indicates that they are engaged in the production or trade of precious metals.
HAVE THE CUT GOLDS PURCHASED EARLIER BECOME TRASH?
Cut gold has recently been in high demand by investors due to its very low variability in buying and selling. No decision has been made regarding the sale of cut gold purchased from many jewelers and kept by investors. However, the repurchase of these cut golds by jewelers is left to their discretion.
CHANGE IN THE AMOUNT OF CASH THAT CAN BE TAKEN ABROAD
Another change that came into effect with the publication of the Official Gazette is the export of Turkish lira outside the country. Previously, Turkish citizens could not carry more than 25,000 lira when traveling abroad. This rule has also changed. The amount that can be carried when going abroad has been increased to 185,000 lira.