BORSA ISTANBUL A.S.
Precious Metals and Jewelery Market Directorate
Number: E-18454353-100.04.02-22177
Subject: To be Deducted from Export Cost
Announcement on Unprocessed Gold Imports
TO DISTRIBUTION PLACES
In the letter dated 13.12.2023 sent to our Stock Exchange by the Ministry of Treasury and Finance, it was stated that the Inward Processing Regime (Internal Processing Regime) was introduced by precious metals intermediary institutions as a measure to reduce the increase rate of gold imports, considering the negative effects of the recent increase in unprocessed gold imports on the foreign trade balance and balance of payments. Import transactions carried out within the scope of the DIR) Decision are carried out as "free of charge" payment to be added to the capital of a legal entity resident in Turkey or to be offset from export proceeds. It has been deemed appropriate to set a monthly quota of 12 tons in total for unprocessed gold imports, excluding the import transactions carried out and the import transactions related to bringing the gold owned by banks abroad into the country, and the quota application to be valid as of 07.08.2023, but after the quota application, exports Based on the significant increase recorded in the import of unprocessed gold to be offset against the export proceeds, the export proceeds related to the export of precious metals, stones and jewelery will be reduced to the import of unprocessed precious metals in return for the export proceeds. It has been evaluated that making an exception to the quota application will contribute significantly to increasing the effectiveness of the quota application.
In this context, the Regulation on the Operating Principles of Precious Metals Exchange Intermediary Institutions and the Establishment of Precious Metals Intermediary Institutions, the Communiqué on the Decision No. 32 on the Protection of the Value of the Turkish Currency (Communiqué No: 2008-32/34) and the Communiqué on the Decision No. 32 on the Protection of the Value of the Turkish Currency. (Notification No: 2018-32/48) through precious metals intermediary institutions, to be offset from the relevant export prices, provided that the export proceeds specified in the Communiqué No. 2018-32/48 and other relevant regulations are brought to the country within the period of being brought to the country. "From the regulations regarding importation by payment method, dated 30.12.2022 and numbered 32059 duplicates In the Turkish Customs Tariff Table Divided into Statistical Positions for 2023 published in the Official Gazette The exemption from the deduction of the prices related to the export of the products falling under the 71st chapter titled "Natural or cultured pearls, precious or semi-precious stones, precious metals, metals coated with precious metals and articles made thereof; imitation jewelery articles, metal coins", 13.12. .It can only start as of 2023, if the Single Window System (TPS) Approval has been given by Borsa Istanbul and the payment has been made to the exporter on or before the said date. It has been decided by the Ministry of Treasury and Finance to enable the realization of import transactions for which the import declaration has been registered.
I request you to obtain information and take necessary action.
Korkmaz ERGUN
General manager
Board Member