Türkiye’s Swiss gold imports rise in 11-year high

Turkish Swiss gold import has increased to reach 58 tons, recording the highest since at least 2012 in January as the country’s soaring inflation spurred demand for the precious metal, according to Swiss Customs.

Switzerland sent the 58 tons gold worth 3.3 billion Swiss francs ($3.6 billion) to Turkey in January, accounting for 42 percent of total Swiss gold exports — comes after bullion buying surged as Turkish consumer inflation.

The Turkish government is working on minimizing gold imports due to the deadly earthquake that has hit the country, leaving more than 41 thousand dead.

Gold purchases was one of the main financial barriers to Türkiye in the most recent months, which lead to more pressure on the Turkish lira and worsened Turkey’s current account deficit, which rose to $48.8 billion last year.

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.