Turkey's gold production increased by 20 percent last year

Published 21.01.2019 00:07

Gold production in Turkey rose by 20 percent in 2018 compared to the previous year, Energy and Natural Resources Deputy Minister Mithat Cansız said.

The production increase contributed to the reduction of the current account deficit by approximately $200 million, Cansız said over his social media account.

Turkey's current account balance showed a $986 million surplus in November, improving from last year's deficit of $4.2 billion, according to the Central Bank of the Republic of Turkey (CBRT). November marked the fourth straight month the current account has been showing a surplus.

In November, excluding gold and energy, the current account balance posted a surplus of $4.5 billion, improving from a deficit of $898 million in the same month of 2017.

In August, the balance posted a surplus for the first time in three years with $2.59 billion, then showed a $1.83-billion surplus in September and a $2.77-billion surplus in October.

The 12-month rolling deficit fell to $33.93 billion in November from $39.4 billion in October. The government expects the 12-month rolling deficit to have fallen below $30 billion in 2018.

Gold production in Turkey was initiated in 2001. The highest level in production was reached in 2013 with 33.5 tons. It decreased to 22.5 tons in 2017. In 2018, production increased to 27.1 tons.

With the ongoing projects, production is expected to hit 30 tons this year and 35 tons in 2020, Deputy Minister Cansız noted. With the introduction of the necessary legislation and incentive mechanisms, Turkey aims to achieve 50-60 tons of gold production by 2023, the 100th year of the Republic, Cansız added.

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