May 21, 2020 / 5:03 PM / 12 days ago

UPDATE 1-Turkey imposes settlement delay, tax on some gold trades

(Adds new tax on gold trades)

ISTANBUL, May 21 (Reuters) - Turkey’s banking regulator said on Thursday purchases of 100 grams of gold or more will be subject to a one-day settlement delay as of May 22, while separately Ankara imposed a tax on some gold trades according to banking source.

The BDDK regulator said the move covered individuals and corporates and aimed to support efficient operation of financial markets and the credit system.

In a note issued today to banks, Turkey’s Treasury said non-physical delivery type precious metal sales were to be classified as foreign exchange trade and subject to an existing 0.2% tax.

Reporting by Ali Kucukgocmen and Can Sezer; Writing by Ezgi Erkoyun; Editing by Tuvan Gumrukcu

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