Turkey’s Gold Imports Surge 688% December After Erdoğan’s Call

Gold imports to Turkey jumped to 36.7 tons in December recording a 688 percent increase compared to the same month in 2015, data from Borsa Istanbul showed on Jan. 4, as reported by Reuters.

Turkey’s gold need surged in December after President Recep Tayyip Erdoğan’s calls for Turkish citizens to convert their foreign exchange into Turkish Liras or gold.

The previous highest figure was reached in November 2014 with 47.1 tons.

The country’s gold imports reached 106.19 tons throughout 2016 with a 118 percent increase from the previous year, data from the bourse’s Precious Metals and Precious Stones Market showed.

In December 2015, Turkey imported 4.65 tons of gold.

Turkey’s gold imports decreased by 63 percent to 48.7 tons in 2015 compared to the previous year as the demand saw a sharp decrease due to a strengthening U.S. dollar against the lira.

The bourse has been publishing gold import data since 1995

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