Friday, February 8th 03:13 PM IST

Turkey sees no immediate end to Iran Gold flow

# Turkey gold  # gold exports Iran  # trade deficit  

Iranians buy gold in Turkey, and couriers carry bullion worth millions of dollars in hand luggage to Dubai, where it can be sold for foreign currency or shipped to Iran.

ANKARA(BullionStreet): Turkey denied any direct gold exports to Iran but said private firms were responsible for gold flow to the Islamic Republic.

According to Turkish Economy minister Zafer Cagalyan, US sanctions is not applicable to Turkey and to Turkish private firms. He said private firms from even the US and UK were involved in gold trade to Iran.

US continued it's efforts to block gold sale to Iran and persuaded the UAE last month to end providing safe routes to Iran.

Since then, trade in Turkish gold bars to Iran via Dubai is drying up as banks and dealers increasingly refuse to buy the bullion to avoid sanctions risks associated with the trade.

Gold-for-gas exchange contributed to a cut in Turkey's gold exports to the United Arab Emirates (UAE) to some $400 million in December from nearly $2 billion in August.

Iranians then buy gold in Turkey, and couriers carry bullion worth millions of dollars in hand luggage to Dubai, where it can be sold for foreign currency or shipped to Iran.

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