Saturday, November 24th 11:08 AM IST

Turkey again confirms Iran Gold deal

# Turkey gold  # gold exports Iran  # trade deficit  

Turkish authorities even said it is the US sanctions against Iran that forced them to deal gold with Iran as Iranians are not allowed to withdraw the money to take to their country.

ANKARA(BullionStreet): Ending speculation about it's gold exports to Iran, Turkey finally acknowledged it's gold for gas deal with it's eastern neighbour.

Turkish authorities even said it is the US sanctions against Iran that forced them to deal gold with Iran as Iranians are not allowed to withdraw the money to take to their country.

According to Turkey's Deputy Prime Minister and Finance Minister Ali Babacan Iran is the main reason behind an increase in Turkey's gold exports.

Briefing the parliamentary Planning and Budget Commission about the work of his ministry, he said Turkey deposits the payment for the gas it purchases from Iran in a bank account created for the Iranian gas sellers.

Turkey's gold exports to Iran had increased significantly as of April of this year.

According to data the Turkish Statistics Institute has released, Turkey's total gold and precious stone exports have amounted in the first seven months of 2012 to nearly $8.9 billion, while the figure was only $1.8 billion in the same period of last year.

In the first seven months of this year, Turkey's exports to Iran have also skyrocketed to $8 billion, up from $2 billion in the same period of last year. And it can be safely assumed the major portion of the increase, $6 billion, stems from the export of gold.

Iran accounts for 60% of Turkey's gold exports this year, followed by the United Arab Emirates with 30% of the total.

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