Turkey’s gold imports fall
Victoria Hewitt-Marsh, News Editor
9 Apr 2014, 10:45 a.m.
Observers believe Turkey’s gold imports soared in 2013 as a result of Ankara paying for its imported Iranian gas and oil in gold. The Turkish government have always denied that such a program existed.
It is alleged that Turkey was using gold instead of dollars as a form of payment in attempt to skirt western sanctions. The sanctions included banning Iran from the international payment system SWIFT.
An investigation into the oil for gold program began in December and a number of high profile politicians and businessmen linked to the Prime Minister Recep Tayyip Erdoğan's ruling Justice and Development Party (AK Party) have been investigated.
In the first three months of 2014, which co-insides with the start of the investigations, Turkey’s gold imports have fallen by 80% to 9.3 tonnes.