Business

Turkey: Important step towards becoming an international center in the gold market

Borsa Istanbul has undertaken important tasks with the new regulations made by the Ministry of Treasury and Finance in the precious metal and foreign exchange legislation and completed the necessary work for internal control, audit, and responsible supply chain in the gold market.

In the light of the new regulations made by the Ministry of Treasury and Finance in the precious metals and foreign exchange legislation, an important step was taken towards making Turkey an international center with the control mechanism to be established in gold import and trade.

Borsa Istanbul will be able to control and record all steps of gold from the mine to the final consumer with the responsible gold supply chain that it will create with the regulations. With this structural transformation, it is aimed to establish a transparent and efficient market and reach the highest international standards for the market.

In the statement made by Borsa Istanbul Inc. on the subject, “In our country, which has an important place in the world gold markets, our Ministry has put forward the will to develop a different perspective on the control, audit and reporting practices in the gold market with the internationally recognized responsible gold supply chain practices and other regulations it has recently implemented.

As a result of the authorization of the Ministry of Treasury and Finance; Borsa Istanbul will raise the market standards to higher levels with the regulations it will make in this field. Establishing one of the first spot exchanges in the world, having hundreds of years of gold and sarrafiye culture and currently one of the most important jewelry and gold coin producers in the world with over forty thousand jewelry points, it is aimed to bring gold imports to more reliable commercial standards. We think that the regulations, which we see as an important step in becoming an international custody center, are also important for the sector to reach global standards.”

Source: IHA / Translated by Irem Yildiz

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