Turkey\u2019s exports to Iran for the first eight months of 2012 totaled $8.5 billion, Turkish central bank governor has said.<\/p>\n
Erdem Basci told the Financial Times that the income was due to large-scale Iranian purchases of gold. This level of exports to Iran is widely considered unsustainable due to U.S. misgivings and limits in Turkey\u2019s stock of gold.<\/p>\n
However, in August Turkey\u2019s gold exports switched sharply to the UAE, with almost $2 billion in sales, making the country Turkey\u2019s leading export destination for the month – a more than eightfold increase on the month before.<\/p>\n
Basci said his expectations about Turkey\u2019s growing trade with the Middle East excluded gold sales.<\/p>\n
His remarks also signal Ankara\u2019s growing confidence in its own economic management, after the country managed to bring growth down from unsustainable levels without a recession.<\/p>\n
\u201cWe have shown the first successful example of doing that in Turkish history,\u201d he said.<\/p>\n
As a result, he said, Turkey\u2019s $800 billion economy was a different case from other emerging markets, which have slowed in recent months.<\/p>\n
He added that the extraordinary global liquidity unleashed to deal with the financial crisis enabled the country to run a current account deficit of 7 percent of GDP, although its longer term goal was to reduce the level to 5 percent.<\/p>\n
He also emphasized his goal of bringing inflation down to 5 percent, compared to about 9 percent now, which he said would allow long term domestic capital markets to develop and diminish Turkish companies\u2019 reliance on foreign lenders.<\/p>\n
However, at a meeting on Wednesday launching the central bank\u2019s inflation report, several analysts questioned the bank\u2019s ability to reach its inflation goals in a growing economy.<\/p>\n
In a note titled \u201cWishful thinking or what?\u201d, Burcu Unuvar of Is Investment noted that the bank on Wednesday revised its inflation expectation this year to 7.4 percent, up from 6.2 percent, owing to higher than expected energy prices, while it forecast only a \u201cmild recovery\u201d in domestic demand for the last quarter of the year.<\/p>\n
She described the bank as \u201caggressively hopeful\u201d in its inflation and growth expectations for next year.<\/p>\n
(Source: Financial Times)<\/p>\n
via Turkey\u2019s exports to Iran reach $8.5b in 8 months – Tehran Times.<\/p>\n","protected":false},"excerpt":{"rendered":"
Turkey\u2019s exports to Iran for the first eight months of 2012 totaled $8.5 billion, Turkish central bank governor has said. Erdem Basci told the Financial Times that the income was due to large-scale Iranian purchases of gold. This level of exports to Iran is widely considered unsustainable due to U.S. misgivings and limits in Turkey\u2019s […]<\/p>\n","protected":false},"author":83,"featured_media":30672,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[846,62],"tags":[3349],"class_list":["post-58058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-iran_","tag-exports"],"_links":{"self":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/posts\/58058","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/users\/83"}],"replies":[{"embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/comments?post=58058"}],"version-history":[{"count":0,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/posts\/58058\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/media\/30672"}],"wp:attachment":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/media?parent=58058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/categories?post=58058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/tags?post=58058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}