Turkey to maintain gold flow to Iran despite US sanctions
- Iran: Saturday, February 09 - 2013 at 04:57
Turkish economy minister Zafer Caglayan has said his country will not be swayed by US sanctions pressure to halt gold exports to Iran, but Tehran's demand for the metal may fall this year, Reuters has reported. 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. Turkey has a six-month US waiver exempting it from financial sanctions against Iran, which is due to expire in July. "There may be a decline in demand for gold exports. This is nothing to do with sanctions. We are not subject to these sanctions until July anyway, but there may be a decline in demand from Iran," he said. "We will continue to make our gold exports this year to whoever seeks them. We have no restrictions and are not bound by restrictions imposed by others," the Turkish minister told reporters.
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