Decree No. 32 has been amended by the Council of Ministers Decree (published in the Official Gazette dated November 17, 2011 and numbered 28115) whereby the definition of “precious metals” has been amended to mean gold, silver, platinum and palladium in any kind and form. Additionally, definitions of processed, unprocessed and non-standardly processed gold, silver, platinum and palladium have also been amended.

Pursuant to Article 7/a of Decree No.32, precious metals can be imported and exported in and out of Turkey freely in accordance with Foreign Trade Regulations. However, the import and export of precious metals which are not processed in accordance with the standards shall not be subject to such regulations and regulations of Central Bank of Republic of Turkey and other regulations pertaining to such metals shall be applicable. Additionally, the export of such metals shall only be performed by the intermediary institutions listed in the Precious Metals Exchange.