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Turkey imports record amounts of gold from Switzerland in January

 Turkey imports record amounts of gold from Switzerland in January

Turkey imports

Turkey's gold imports from Switzerland rose to their highest levels since at least 2012 in January, as high inflation in the country stimulated demand for the precious metal.

More than 58 tons of the precious metal have been shipped to Turkey, according to Swiss customs, the largest monthly number recorded in data going back to January 2012. The large number, which represents 42% of total Swiss gold exports, follows an increase in bullion buying as the index rose. Consumer prices in Turkey to 85% last year.

The Turkish government is now taking measures to limit some gold imports after the devastating earthquakes that killed more than 41,000 people. It also requires banks to set minimum spreads on bullion sales to local buyers in an effort to curb the high demand for it.

Purchases of imported foreign gold have been one of the biggest external financial hurdles for Turkey in recent months, adding pressure on the already ailing Turkish lira. Among the institutions announced over the past year, the country's central bank was the largest buyer of gold, adding 148 tons of the metal to its reserves.