The government took extreme measures to raise money to avoid defaulting. Selling citizenship, land, property, industry etc. The swap deals, delayed payments to Russia and so on. Migrants for cheap labour for exports
The government took extreme measures to raise money to avoid defaulting. Selling citizenship, land, property, industry etc. The swap deals, delayed payments to Russia and so on. Migrants for cheap labour for exports
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Gold import curb helps lower current account gap: Ministry - Latest News
A monthly quota introduced in August last year on unprocessed gold imports is helping reduce the current account deficit, the Treasury and Finance Ministry has said.
With how much gold is processed and sold in Türkiye I would have thought importing unprocessed gold would have ben bloody good deal for Türkiye, so this curb baffles me to no end.
Then I found this article:
Gold trade in Türkiye
If you are interested in global trade, especially the import and export of gold and jewelry, you should know that this article has been written specifically for you, through which we explain and clarify some details that interest you about the gold and jewelry trade in Turkey.Turkey is one of the ten countries that produce the most gold around the world, and it is considered one of the important and influential areas in the Turkish economy. Nearly 400 tons of gold are processed annually in Turkey, as it is considered one of the five most important markets along with India, the United States, China and Russia, and even It is one of the three most productive countries, along with Italy and India, and this sector is considered one of the largest industrial sectors in Turkey, as it employs approximately 250 thousand people.
The investment purposes that individuals use in gold exports have varied over the last twenty years due to changes in the Turkish economy. In addition to purchasing gold and jewelry for the purpose of investment, there was a trend for other investment purposes, due to the diminishing demand for the local market, which encouraged manufacturing companies to open up to the external market.
How to import gold to Türkiye:
The fact that Istanbul is the center of gold production in Turkey, this did not prevent the production of large quantities of gold in Ankara and Izmir, and approximately 30/40% of the production is exported, and the rest is sold to local consumers, tourists and bag dealers, while a survey showed that out of every four tourists who visit Turkey Someone buys gold from her.
In recent years, approximately 100-200 million tons of gold were imported to Turkey, while the year 2022 alone recorded the import of approximately 600 tons of gold, and gold is imported from outside Turkey by the Central Bank and members of the Istanbul Stock Exchange who are authorized to do so only.
How to be a member of Istanbul Gold Refinery:
Istanbul Gold Refinery (Istanbul Stock Exchange) was established in 1995 to liberalize the Turkish gold sector and to coordinate with global markets. As of 2023, the number of members reached 975, and it consists of stock exchange members, banks, accredited institutions, precious metals intermediary institutions, and institutions engaged in production and marketing activities. Precious metals, there are different membership requirements and these requirements vary according to the business and the ability to register in the gold refinery in Istanbul. You can contact us to find out these conditions.Importing gold into Türkiye from abroad:
In accordance with the current law published by the Presidency of the Turkish Republic on 03/03/2020, which was published in the Official Gazette and after making changes in Article 32 of the Protection Law, under this law an important amendment was made to the arrangements for importing gold, as it became Foreigners can bring 5 kilograms of pure gold annually without any restrictions. The points that must be taken into consideration regarding this published law are as follows:-A foreigner has the right to bring in 5 kilograms of pure gold per year, and when he exceeds this limit, he is not allowed to bring more before one year has passed from the date of entering the previous batch.
– The age of the person bringing gold to Turkey must be at least 18 years old.
– As a standard, it is allowed to bring only untreated (raw) and stamped gold.
– When entering Turkish territory, you must fill out the “Gold Declaration” form from the Ministry of Commerce and submit the completed form to the Customs Directorate.
– If the amount of gold that you bring to Turkey exceeds 5 kilograms (10 kilograms were brought for example), the additional quantity is deposited in the customs warehouse to complete the procedures for bringing it into Turkey, and this issue must be taken into consideration for what the owner of the gold may be exposed to. From legal accountability if he tries to circumvent this issue, if you want to obtain professional support regarding this issue, you can contact us.
– The competent customs administration located at the location of your entry into Turkish territory (Istanbul Airport, for example) will be an accredited customs office to track the standard, unprocessed gold that is brought to Turkey. This office will inform the Ministry of Treasury and Finance until the end of the tenth day of every month, on the basis of Standard unprocessed gold brought into the country.
Note :
The Turkish authorities apply many follow-up procedures regarding the issue of bringing gold into their territory, and they fully scrutinize the merits of this issue, especially filling out the gold statement, because this exposes you to legal accountability on charges of smuggling in the event of an attempt to evade it. Therefore, you must prove your gold techniques upon entry. To Turkish territory, in order to avoid any legal problems
There is another issue that you must pay attention to regarding the gold trading operations that you carry out, which is making financial transfers through your bank account for commercial activities. Due to the problems caused by companies that practice illegal activities in previous times, many banks have become unwilling to open Bank accounts with the aim of overcoming this problem.
To be able to open an account, you must explain the work and transactions that you will carry out correctly.
You must trust the bank officials, otherwise your company will not open a bank account in Turkey.
You can get support from us to open your company’s bank account, as we can carry out your transactions without long and complicated procedures through the banks we contract with.
Gold trading in Istanbul usually takes place in the Grand Bazaar, where there are major gold traders. When you trade gold, you must obtain an invoice that includes all the information about the trading process.
Gold trade is one of the most traded businesses in the world, and it has special importance in Turkey. Value-added taxes are not applied to it in Turkey, and there are no customs taxes on the import and export of gold there, as Turkey encourages capital and gold to enter it, based on our long experience in this matter. We can provide you with advice on establishing a company concerned with importing and exporting gold. You can contact us and obtain the opinions of our experts .
Gold trade in Türkiye - Al Mutaber Group
If you are interested in global trade, especially the import and export of gold and jewelry, you should know that this article has been writ..
www.mutaber.com
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Gradually but surely, simsek's policies are bearing fruit
Looking forward to the second half of the year
All the losses in the month pre-election has been recovered and TCMB has reached its best position within the last 3 years in only 4 weeks
CBRT net exposure. in the last 7 business days: +$15 billion
At the same pace: we break above -$45 this week, which is the New Year's high and the best point of the 3-year bad streak.
Looking forward to the second half of the year
All the losses in the month pre-election has been recovered and TCMB has reached its best position within the last 3 years in only 4 weeks
CBRT net exposure. in the last 7 business days: +$15 billion
At the same pace: we break above -$45 this week, which is the New Year's high and the best point of the 3-year bad streak.
Heartbang
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Ukraine approved the free trade agreement planned to be signed with Türkiye.
First the Gulf council, now this. W's all around.
First the Gulf council, now this. W's all around.
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Took 2 years to finalize after first agreement. And still needs to be approved by parliaments. Still good news.
Everyone became very rich and comfortable, I'm sure that's the reason why
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Turkiye TFR is a serious risk to the country's ambition of becoming a world power. If something doesn't change drastically, Turkiye could be forced to import immigrants from Central Asia (which wouldn't be too big of a problem). Uzbekistan in particular has a booming population.
Deliorman
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An economic crisis + the coronavirus (when many wedding were stopped and the economy went even shittier) and the earthquake (that hit places with higher fertility rates and devastated their economy even more)... and you have this results. Nobody will make kids and weddings in a ruined country.
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It has more to do with the fact that people (especially the young generation) are becoming more aware that raising childrens is more difficult when life is harder in my opinion. Why bother making children’s when life is already difficult enough for you ?
Providing a good life to your children is becoming next to impossible if you are not wealthy due to many reasons.
Yabdulaziz
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Farming for the future: why the Netherlands is one of the largest food exporters in the world | DutchReview
The Dutch agriculture sector is one of the largest exporters of agricultural goods. How is that possible? And how will the climate crisis affect it?
dutchreview.com
where are the newly gained advanced technology (agricultural UAV, etc.) & how well can they be used in the Arabian Desert & African Sahara
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The CB's net foreign reserves are in a steep rise.
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Yeah, the economy is mostly on track now. Inflation is the only problem and it doesn't have a quick and easy solution but I'm confident as long as Erdoğan doesn't stick his nose in economic affairs Mr. Mehmet Şimşek will get it under control in 2-3 years. IMHO we might end this year with %40 something and next year with %20 something. We might also see the first interest rate decrease late this year. I think Erdoğan should get rid of the BDDK(Banking Regulation and Supervision Agency) president Şahap Kavcıoğlu and appoint someone Mehmet Şimşek wants.
Huelague
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Next to exchange rate.
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The exchange rate is not a problem on the contrary lira is valuable right now.
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In 2021 Arçelik A.Ş. has acquired majority share in Singer BD, an electronics manufacturering company.
Recently, with an $78 investment from Arçelik A.Ş. a manufacturing plant has been stablished in Bangladesh Special Economic Zone (BSEZ) at Araihazar in Narayanganj.
the new facility is aimed at reducing import dependence and locally manufacture over 90 percent of components.
"The company started to manufacture refrigerators at its plant at the BSEZ, which is popularly known as the Japanese special economic zone, last week," said Farhan Azhar, head of product at Singer Bangladesh.
Singer Bangladesh posted an announcement in this regard on the Dhaka Stock Exchange website yesterday.
"We will manufacture air conditioners, televisions, and other home appliances in phases by the third quarter of this year," said Azhar, adding that the new factory would directly employ around 5,000 people.
"The new plant can manufacture up to 10 lakh (10000k) refrigerators per year but we will manufacture four lakh units initially," he added.
www.thedailystar.net
The news is month old, came across it just now. Thought it was interesting. First of its kind invest from Türkiye. Let's see if Arçelik A.Ş. can turn Singer BD into a billion dollars company.
Recently, with an $78 investment from Arçelik A.Ş. a manufacturing plant has been stablished in Bangladesh Special Economic Zone (BSEZ) at Araihazar in Narayanganj.
the new facility is aimed at reducing import dependence and locally manufacture over 90 percent of components.
"The company started to manufacture refrigerators at its plant at the BSEZ, which is popularly known as the Japanese special economic zone, last week," said Farhan Azhar, head of product at Singer Bangladesh.
Singer Bangladesh posted an announcement in this regard on the Dhaka Stock Exchange website yesterday.
"We will manufacture air conditioners, televisions, and other home appliances in phases by the third quarter of this year," said Azhar, adding that the new factory would directly employ around 5,000 people.
"The new plant can manufacture up to 10 lakh (10000k) refrigerators per year but we will manufacture four lakh units initially," he added.
Singer becomes first firm to start production in Japanese EZ
It becomes the first plant in Araihazar economic zone
The news is month old, came across it just now. Thought it was interesting. First of its kind invest from Türkiye. Let's see if Arçelik A.Ş. can turn Singer BD into a billion dollars company.
Huelague
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We have to paid more Lira to import Euro/Dollar stuffs. Which widen our trade gap.
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Huge drop, it was $7 billion value of exports to Israel in 2022, Erdogan will have to find that money elsewhere.
Kind of expected since we banned those exports.
