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ECONOMICS > Iran buys Turkish gold with money from gas exports, deputy PM says

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The most important reason behind the significant increase in Turkey’s golden bullion export is Iran, said Turkish Deputy Prime Minister Ali Babacan in a parliamentary session late Nov. 23.

Iranians are buying Turkish gold with the Turkish Lira, which is deposited into their bank accounts in exchange for Turkey’s natural gas purchases from the Islamic republic, the deputy prime minister said. U.S. dollars are unable to be transferred into the country due to international restrictions and U.S. sanctions.

“As Iran could not transfer the payment to [its own banks] in foreign exchange, the country buys gold with Turkish lira, and then takes the gold to its country. I do not know how Iran transports the gold, but this is the root of the matter.  The gold export to Iran in reality becomes payment for the natural gas we buy from Iran,” Reuters quoted Babacan as having said.

November/23/2012

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Man in the Middle

11/25/2012 9:07:38 PM

@mara, you keep lamenting that Turkish policies deprives it from the "brownie points" the "Western World" has been giving Turkey. You seem to be completely ignorant of the fact the "Western World" has been giving Turkey only crumbs for being a doormat for the EU, which has never accepted as member, and a cannon fodder provider for NATO. The Turks have correctly assessed their subservient standing vis-a-vis the "Western Word", and are now looking to the East. Get a clue.

Murat

11/25/2012 7:13:19 PM

Where is a demand, there is a way. Did everyone expect Turkey to sacrifice itself at the altar for nonsensical principles and policies of a few members of the global junta? How many of its key trade partners and neighbors should Turkey shut out to please the Western lords? USA, one and only state in the history of mankind to nuke defenseless populations, should first concern itself with evil powers who actually have nukes and have them pointed at American cities.

mara mcglothin

11/25/2012 4:37:08 PM

ILKER But don't you see the selling of gold will put Turkey between a rock and a hard place. While not in clear violation of the embargo, it does go around the embargo(Turkish style) and surely will soon not be seen as a favorable developement by the Western World.

ilker avni

11/25/2012 3:01:36 PM

Iran has sped up its enriching programe why?, Iran wants to dominate the ME,only muslim country to stand up to Iran is Turkey or is capable of standing up to Iran,which Erdogan has,Erdogan had ignored Iranian leaders threats and gone about its bussiness,inreturn Iran backs the pkk who kills Turks.Turkey selling gold for gas which it sells on helps Iran more than Turkey,at the end of the day bussiness is bussiness.

David R Finn

11/24/2012 10:46:11 PM

Mr Newman (11/23/2012, 8:25:46 PM) refers to Iran's "nuclear weapon development". Is Mr Newman simply ill informed, relentlessly dull or economical with the truth? No UN agency, no independent expert, no US intelligence source has asserted that Iran is developing nuclear weapons. It's true that the disingenuous leader of a small militaristic middle east country has speculated wildly about Iran's nuclear program. No one outside of his own country takes this leader or should take him seriously.

Ragnar Bruno

11/24/2012 5:48:52 PM

Since Turkey's government is no longer secular, this just proves that it is in league with the rest of the muslim countries to destroy Israel. It also confirms that Islam is, indeed, at war with west. Turkey's membership in NATO means nothing.

ilker avni

11/24/2012 2:02:51 PM

Iran and Turkey will face of very soon when Assad has lost and Maliki starts a war in Iraq.Irans economy is ruined by the sanctions Turkey is exempt from sanctions on certain items,Trade between the two countries was booming until America put the brakes onit. Irans currency has fallen like a stone and is left to use gold as currency or its oil and gas.The big mistake was to sell of its reserves of the dollar a few years ago same with the euro.

Mark Tak

11/24/2012 1:08:33 AM

Mr Newman, Turks and Iranians have the longest surviving borders in history, Turkey have no problem with Iran Israel your country do,you want to deny everyone to get alone bcz you do not get alone. you want to make everyone an enemy with eachother when Israel is an enemy with them in first place, when Israel will leanr that they are not above the international lwas and respect human rights and stop killing children maybe than everyone will take Israel seriously, now no one does, problem s Isreal

mara mcglothin

11/24/2012 12:46:09 AM

And this will earn Turkey brownie points with whom? Certainly not the Western World. Rules are always made to be broken in Turkey.

Mike Newman

11/23/2012 8:25:46 PM

Iran buys gold from Turkiye (most likely to use it in its nuclear weapon development), at the same time, Iran provides weapons to the PKK according to court hearings in Turkiye by a former member PJAK. Why can Turkiye not comply with the UN's trade embargo? Why does Turkiye fail to see Iran as a trouble maker?
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