Turkey trades gold to Iran via Dubai
1,834 views · Published 29 November 2012 · 0:56 · Indexed 21 October 2026
Channel: News Direct · 2012 · News & Politics
Economic sanctions against Iran have for the most part frozen it out out the global banking system making it difficult to conduct international money transfers. Iran has turned to using gold to move its wealth across borders. Iran sells oil and gas to Turkey and is paid in Turkish lira, which is of limited value when looking to buy goods in international markets, so Iran then uses the lira to buy Turkish gold. Turkey has been transporting gold indirectly to Iran via Dubai through couriers carrying gold bullion in their luggage in flights from Istanbul. Several hundred couriers are believed to have taken gold to Dubai on Iran's behalf. The gold is then transported to Iran by wooden dhows crossing the Gulf. SOURCE: Reuters
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