Announcement from the Treasury Regarding the Gold Tracking System

Valuable Metal Tracking System (KMTS) Explanation

Turkey's Ministry of Treasury and Finance emphasized in a recent statement that the Valuable Metal Tracking System (KMTS) has been misinterpreted in some media outlets. The statement indicated that KMTS is not aimed at citizens with gold stored under their mattresses but is rather a system designed to close existing security gaps in the market.

KMTS: An Innovative System for Secure Access to Gold

KMTS will ensure the reliable packaging of precious metals produced by refineries that weighs 1 gram and above. This system will track each product with special labels containing details such as production information, serial number, and purity grade. Thus, it will prevent consumers from purchasing counterfeit or low-purity gold products.

Security Measures and Record System

The Ministry stated that KMTS will only track the production stage and will not monitor who buys or sells the gold. Additionally, it expressed that interpreting KMTS as an asset tracking system is a manipulation aimed at misleading the public.

Citizens' Rights Will Be Protected

The statement emphasized that citizens can process their gold sales through jewelers, banks, and authorized financial institutions. Transactions of 30,000 TL and above must be carried out exclusively through banking systems, which was conveyed as a regulation applicable to all commodities' buying and selling.

Legal Rights of the Ministry

The Ministry also highlighted that the purpose of this newly implemented system is to enhance trust in financial markets. It warned against relying on false and misleading information. The government announced that it will exercise its legal rights against unfair propaganda.