Iran Buying Wheat with Gold Bullion
IRAN is using Gold Bullion and oil to pay for vital food supplies, following the imposition of US and European sanctions, news agency Reuters reports.
European wheat exporters report that Iran bought a minimum of 200,000 tonnes of soft wheat on global markets last week. Most is thought to be from private sellers of Australian origin, although US sources may account for a portion.
"Grain deals are being paid for in Gold Bullion and barter deals involving oil are being offered," says one trader.
"Some of the major trading houses are involved."
"As the shipments of grain are so large," another trader adds, "barter or gold payments are the quickest option."
The European Union last month imposed sanctions aimed at preventing Gold Dealers from dealing with Iran, while Iranians were also reported to be Buying Gold as a hedge against currency depreciation.
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