Turkey Pays for Iranian Oil and Gas with Gold


erdogan-turkeyThe monetary value of Iran-Turkey trade reached $20 billion in 10 months to November, showing a 45.89 percent growth in value compared to the same period the previous year.  

The two countries’ trade stood at $19.697 billion last year.

The rapid growth of trade in 2012 was due to a 243.5 percent growth in Turkey’s exports to Iran compared to the same period the previous year.

Gold figured prominently in the list of Turkey’s exports to Iran, accounting for more than $7bn of the total figure.

Turkey’s exports to Iran were worth over $2.927 billion in the first 10 months of 2011, which rose to $9.329 billion during the said months in 2012.

In contrast, Turkey’s imports from Iran in the 10-month period in 2011 equalled $10.573 billion, which rose to $10.368 billion in the same period in 2012.

Turkey exports gold to Iran in exchange for oil and gas. It started exporting gold to Iran from February this year.

Islamic Republic News Agency

{Matzav.com Newscenter}