Iran, Turkey to Replace US Dollar with National Currencies in Bilateral
Trade
News number: 9103083462 13:59 | 2012-06-24
http://english.farsnews.com/newstext.php?nn=9103083462

TEHRAN (FNA)- Turkish Energy Minister Taner Yildiz announced that Iran and
his country are exploring avenues for replacing dollar and euro with their
own national currencies in their bilateral trade exchanges.

Yildiz said Turkey is planning a money exchange structure with Iran which
will cut the usage of US dollars as much as possible and develop trade with
the two countries' national currencies.

The minister's statement came at a time when Iran is seeking opportunities
in the Turkish banking sector.

Turkey has already taken steps to trade with local currencies with a number
of countries including Russia, China and the Islamic republic.

Speaking on broadcaster CNBC-e on the evening of June 18, Y?ld?z said that
Turkey has already been using gold in Iranian trade.

Iran bought gold worth $1.2 billion in April of this year alone.

"Annually we use between 80 and 82 tons of gold (in trade with Iran)."

Turkey aims at increasing gold production to 34-36 tons a year in the short
run from the current 24 tons, the minister also said. "Along with the
private companies, the public sector also contributes to this."

Trade between Turkey and Iran has risen sharply over the past decade. Turkey
was Iran's fifth-largest oil customer in 2011, buying around 200,000 barrels
per day, 30 percent of its total imports and more than 7 percent of Iran's
oil exports.