Turkey’s gold imports increased by 17 times in March compared to a year ago, reaching 28.2 tonnes, amid political uncertainty and rising demand for the yellow metal ahead of the country’s upcoming constitutional referendum on April 16.

In March 2016 gold imports were only at 1.68 tonnes. On a quarterly basis, gold imports were at 56.3 tonnes in Q1 2017. The data was released by Borsa Istanbul’s Precious Metals and Diamond Markets.

The surge in imports also comes after Turkish President Tayyip Erdogan urged his citizens to exchange any foreign currency they have saved up for gold.

“Those who keep foreign currency under their mattress should come and turn them into lira or gold,” Erdogan said in a speech back in December.

Immediately after the speech, gold imports jumped, surging almost eightfold to 36.7 tonnes during the last month of the year.

Some analysts said that the recent recovery in Turkish lira is making gold more affordable. “People have started opting for gold rather than foreign currencies,” Mehmet Ali Yildirimturk, a gold specialist in Istanbul's Grand Bazaar, told Reuters.

Gold prices in Turkey jumped from 132 lira ($36) for one gram of 24 carat gold in January to 153 lira ($41) in February and now gold is selling for 148 lira ($40).

Local media reports point to uncertainty in the air with just over a week left until Turkey holds a referendum on proposed constitutional changes, which if passed, would increase Erdogan's powers.

The ruling Justice and Development Party (AKP) managed to push through 18 proposed changes to the constitution, gaining the necessary votes to hold a public referendum.

The significance of the proposed amendments is that it could transform Turkey from its current parliamentary system to an executive presidency. One proposal includes abolishing the post of prime minister and making the president the official head of the executive.

As gold imports drastically rise in Turkey, the country’s central bank is also looking to increase its gold reserves, Reuters reported citing sources.

Lawmakers reportedly want to implement the right of first refusal on domestically produced gold, which would allow Turkey to increase its gold reserves without depleting foreign currency holdings.

“The central bank is being given first option,” to purchase locally mined gold, according to an official from the domestic gold sector. “This means the central bank will become a primary gold buyer in lira.”