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Central Bank Introduce Measures Aimed at Curbing Gold Demand

TURKEY
  • Bloomberg report that the central bank is taking aim at high demand for gold among households and is also looking to discourage cash withdrawals using credit cards, according to a document seen by Bloomberg. Under regulations that go into effect on Tuesday, and the first since the Sunday elections, banks are now required to buy an amount of government bonds equivalent to 30% of clients’ purchases of gold or jewelry made using credit cards whose limit is above TRY50,000.
  • EBRD cut Turkey’s 2023 GDP growth estimate to 2.5% from 3%, reflecting the impact of the February earthquakes, as well as expected credit tightening “due to the need to address the country’s external imbalances in the second half of year.”
  • Turkey’s home sales fell 35.6% y/y to 85,652 units in April, according to data from the Turkish Statistical Institute, the biggest drop since July 2021. Homes bought by foreign nationals fell 60.3% y/y to the lowest level since May 2021.
  • The private sector’s total outstanding loans received from abroad fell by $1.2b from end-2022 to $158b as of March, according to central bank data. Outstanding long-term loans received from abroad by the private sector stand at $149b, down by $1.7b from end-2022.
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