The Peninsula, in its September 29, 2012 article, reports that Turkish trade deficit falls 30pc on gold sales to Iran.
Extract :
|
|
|
|
|
|
Turkey’s trade deficit fell 30 percent
in August on the back of strong gold sales to Iran, bolstering efforts to
improve its current account and giving more room to cut interest rates.
The trade deficit fell to $5.86bn, the Turkish Statistics Institute
said, compared with a forecast for $8.10bn in a Reuters
poll and a $7.89bn deficit in July.
“This data is a result of soaring gold exports, which broke a
record with $2.3bn in August,” Oyak
Securities economist Mehmet Besimoglu said.
“Gold exports were to Iran, made via the United Arab Emirates.”
Turkish gold sales to Iran have soared as Iranians turn to the
precious metal to protect savings and, potentially, to trade as Western
sanctions aimed at forcing the Islamic republic to curb its nuclear programme
tighten. Turkey’s gold exports, as a whole,
jumped more than four-fold to $11.2bn in the first eight months of 2012.
|
|
