Turkey implements 20% surcharge on select gold imports to stabilize economy

Turkey has introduced a 20% surcharge on 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.

According to the decision, gold imports from countries that do not have a free trade agreement and are not members of the European Union will be charged an additional fee on top of existing import and other duties.

The gold imports that will be subject to the additional fee under the decision include gold jewellery products and parts, and some base metal products plated with precious metals.

Turkey's current account deficit widened to $37.7 billion in the first five months of the year, up some 44% from the same period last year, mainly due to high gold and energy imports.

On Monday, the state-run Anadolu news agency, citing an unnamed source, reported that Turkey was planning to impose a quota on imports of unprocessed gold.