Turkey Asks Banks to Set Spread on Gold Amid Surging Demand
- Imports of gold have been weighing on Turkey’s finances
- Turkish citizens snapping up precious metal as inflation hedge
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The Turkish central bank has asked local lenders to set a minimum spread on gold sales to domestic buyers, in another attempt to curb high demand for the precious metal.
Lenders were asked to set a spread between their asking and bidding prices of at least 3% on lira-based gold sales, according to people with direct knowledge of the matter, who asked not to be named because the request hasn’t been made public. The spreads were freely determined by the banks before.