Turkey imposes one-day settlement delay on gold purchases

Turkey’s banking watchdog, the Banking Regulation Supervision Agency (BDDK), said on Thursday gold purchases of 100 grams or more by individuals or corporates will be subjected to a one-day settlement delay as of May 22, T24 reported.

The BDDK said the move aimed to support the efficient operation of financial markets and the credit system. 

Turkey’s gold reserves grew to $33.9 billion in April from $28.3 billion a month ago, helped by an increase in the price of the precious metal.

Buying gold coins and jewellery has always been a favourite method of saving for hard times for Turkish people, starting with gifts of gold for births, weddings and other celebrations.