Gold News

Iran Bans Gold Bullion Exports

IRAN announced Wednesday that it is restricting the outward flow of Gold Bullion, in response to "challenges in the field of foreign trade", the country's Mehr news agency reported.

The move, which will restrict the export of Gold Coins and other bullion, follows a report earlier in the week from the official INRA news agency that Tehran has banned the export of 50 industrial and petrochemical items as well as foodstuffs.

"The export of gold and coins without permission from the central bank has been banned," Mehr quotes customs official Mohammad Reza Naderi.

"According to law, coins made from precious metals has until now not needed a permit from the central bank [before they could be exported], but current economic conditions have resulted in a decision to require a license from the central bank for the export of these goods."

Naderi also cited "challenges in the field of foreign trade" as a factor behind the Gold Bullion export ban.

Earlier this month police in Tehran arrested Gold Bullion dealers in a bid to support Iran's currency, the Rial, which has slid against the Dollar following the imposition of sanctions. 

The Financial Times reported last week that Turkey's exports to Iran were $8.5 billion for the first eight months of 2012 following "large-scale" exports of Gold Bullion.

Turkey's shipments of Gold Bullion to the United Arab Emirates meantime jumped to $2.2 billion in August, a monthly increase of 753.8%, according to official Turkish government statistics.

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