Turkey has introduced a 20 percent additional charge for some gold imports, according to a decision published in the Official Gazette early on Tuesday, in an effort to curb the negative impact on the current account balance, Reuters reported.
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.
Turkey’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 percent when compared to the same period last year.
On Monday, the state-owned Anadolu news agency reported citing an unnamed source that Turkey plans to impose a quota on imports of unprocessed gold.