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Switzerland sent record-breaking $3.6 bln of gold to Turkey in January

World

21-02-2023 | 07:13

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Switzerland sent record-breaking $3.6 bln of gold to Turkey in January

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Switzerland sent a whopping 58.3 tons of gold worth 3.3 billion Swiss francs ($3.6 billion) to Turkey in January, by far the most for any month in records stretching back to 2012, Swiss customs data showed on Tuesday.

Gold is traditionally seen as a safe means of storing wealth and Turkish demand for the metal has rocketed as sky-high inflation erodes the value of the local lira currency.

Switzerland is the world's biggest bullion refining and transit hub. It shipped 188 tons of gold worth 10.1 billion Swiss francs last year to Turkey, up from just 11 tons in 2021.

But January's shipments show an acceleration. Switzerland's gold exports to Turkey have never previously exceeded 34 tonnes in a single month, Swiss data show.

The quantity of gold flowing into Turkey has worsened Turkey's current account deficit, which rose to $48.8 billion last year.

After earthquakes struck Turkey this month, causing thousands of deaths and huge economic damage, the government moved to reduce the amount of gold entering the country by asking banks to widen the spread for gold transactions, making them costlier, and suspending some imports.

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