Iran starts requiring central bank approval for gold exports

Section:

By Yeganeh Torbati
Reuters
Wednesday, October 31, 2012

http://uk.reuters.com/article/2012/10/31/uk-iran-gold-idUKBRE89U0T320121...

DUBAI -- Iranians can no longer export gold without approval by the central bank, an official was quoted as saying on Wednesday, in a new effort by the government to restrict outflows of wealth.

The move follows media reports on Tuesday that Iran had banned the export of some 50 basic goods, as the country moves to secure supplies of essential items in the face of tightening Western sanctions that have destabilised its currency, the rial.

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

... Dispatch continues below ...



ADVERTISEMENT

Opinion Around the World Is Changing
in Favor of Gold -- Find Out Why

When Deutschebank calls gold "good money" and paper "bad money". ...

http://www.gata.org/node/11765

When the president of the German central bank, the Bundesbank, pays tribute to gold as "a timeless classic". ...

http://www.forbes.com/sites/ralphbenko/2012/09/24/signs-of-the-gold-stan...

When a leading member of the policy committee of the People's Bank of China calls the gold standard "an excellent monetary system". ...

http://www.forbes.com/sites/ralphbenko/2012/10/01/signs-of-the-gold-stan...

When a CNN reporter writes in The China Post that the "gold commission" plank in the 2012 Republican platform will "reverberate around the world". ...

http://www.thegoldstandardnow.org/key-blogs/1563-china-post-the-gop-gold...

When the Subcommittee on Domestic Monetary Policy of the U.S. House of Representatives twice called on economist, historian, and gold standard advocate Lewis E. Lehrman to testify. ...

World opinion is changing in favor of gold.

How can you learn why and what it will mean to you?

Read the newly updated and expanded edition of Lehrman's book, "The True Gold Standard."

Financial journalist James Grant says of "The True Gold Standard": "If you have ever wondered how the world can get from here to there -- from the chaos of depreciating paper to a convertible currency worthy of our children and our grandchildren -- wonder no more. The answer, brilliantly expounded, is between these covers. America has long needed a modern Alexander Hamilton. In Lewis E. Lehrman she has finally found him."

To buy a copy of "The True Gold Standard," please visit:

http://www.thegoldstandardnow.com/publications/the-true-gold-standard



"According to law, (the export of) coins made from precious metals has until now not needed a permit from the central bank, but current economic conditions have resulted in a decision to require a licence from the central bank for the export of these goods."

Naderi said the new policy was adopted because of exchange rate fluctuations and "challenges in the field of foreign trade," Mehr reported without elaborating.

U.S. and European sanctions against Iran's energy and banking sectors, imposed over its controversial nuclear programme, have slashed its oil revenues, which are the major source of its hard currency supplies.

This has triggered a slide in Iran's rial currency, which has lost about two-thirds of its value against the dollar in the open market over the past 15 months as Iranians have scrambled to convert their savings into dollars and euros.

The government has responded by restricting Iranians' access to hard currency, rationing the dollars it supplies to companies and individuals through the central bank and an official foreign exchange centre.

The restriction on gold exports may be designed to prevent Iranians from switching to gold from hard currencies as a way to move their savings out of the country.

It is not known how much gold may have left Iran this year. The country is not a major gold producer or exporter.

The country's gross official reserves, which include foreign currencies and gold, totalled $106 billion at the end of last year, according to the International Monetary Fund. The government does not disclose their size, but some analysts believe they may have shrunk by several tens of billions of dollars this year because of sanctions.

There are signs Iran is building up its gold reserves as the sanctions have made it hard for Tehran to take payment for its oil through bank transfers. Official data from Turkey, a buyer of Iranian oil, suggests nearly $2 billion of gold was sent to Dubai on behalf of Iranian buyers in August.

* * *

Join GATA here:

Vancouver Resource Investment Conference
Sunday-Monday, January 20 and 21, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/vancouver-resource-investment-confer...

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16



ADVERTISEMENT

Fred Goldstein and Tim Murphy open All Pro Gold

Longtime GATA supporters Fred Goldstein and Tim Murphy have brought their many years of experience in the precious metals and numismatic coins to All Pro Gold as metals brokers who specialize in the delivery of gold and silver bullion bars and coins as well as numismatic gold and silver coins. Fred and Tim follow these markets closely and are assisted by a team of consultants in monitoring market trends. All Pro Gold offers GATA supporters competitive pricing on all bullion products and welcomes inquiries. Tim can be reached at 602-299-2585 and Tim@allprogold.com, Fred at 602-799-8378 and Fred@allprogold.com. Ask about their ratio strategy and the relationship of generic $20 dollar gold pieces to 1-ounce gold bullion coins. Visit their Internet site at http://www.allprogold.com/.