US Gold Trade Cuts Won’t Affect Turkey

Zafer Çaglayan, the Economy Minister of Turkey said that any move of the US to cut the gold trades with Turkey will have negligible effect on the country.

The statement is a blow for the US, who according to Turkey was trying to isolate it. It was released after US Senate was preparing for the new Iran Sanctions. Rueters was found quoting it as end of Turkey's game of gold for natural gas.

Turkey exported some $6.4 billion gold to Iran in the first three quarters. These increased this year considerably and it was reported that the US wants the Turkey's gold exports to Iran to come down.

As of now, Turkey buys oil from eastern neighbors and money transactions are being controlled by Halkbank. Turkey is undergoing intense pressure on the issue of purchasing gas from Iran. Last week, Turkey's government said about using gas revenue by Tehran to buy gold from Ankara, which received greater attention from the US senate.

Turkey's imports mounted to a total sum of $6bn in 2010-11. As of now, Mark Fitzpatrick, a former US State Department official now at London's International Institute for Strategic Studies said that sanctions by the US Senate are going to increase tension among Turkey and Iran as trade partners.