Istanbul Gold Exchange

It took a long time to bring gold which has important social and economic roles in Turkey into its current financial situation. With the amendments in Decree number 32 concerning the Protection of the Value of Turkish Currency in 1993, determination of the gold price, gold export and import are liberalized. The decisions aimed at liberalization of gold helped import and export processes. The rapid growth seen in gold sector due to these developments, accelerated new decisions concerning gold which has a great economic potential. These new decisions aimed at restructuring gold sector.

ESTABLISHMENT AND LEGAL STRUCTURE OF THE ISTANBUL GOLD EXCHANGE

The most important development during restructuring process is the trading of gold under an organized market by the establishment of Istanbul Gold Exchange (IGE). Istanbul Gold Exchange became an important step in canalizing the gold to financial system, developing gold based investment vehicles and international integration of gold sector in Turkey . After the IGE, local gold prices became in conformity with international prices, imported gold bars was enforced to meet generally accepted standards and fineness and the system gained a transparent structure.

The establishment of Istanbul Gold Exchange started a continuous development process on the market, set a base for the development of gold based financial instruments.

The first legal decision concerning the establishment of Istanbul Gold Exchange was made in 1993, "General Regulation Concerning the Foundation and Operation Principles of Precious Metals Exchanges" was issued by Capital Markets Board on the basis of the provisions of Article 40/A of Code of Capital Markets, number 2499 as amended by law number 3794.