Mittwoch,08.Dezember 2021

Iran: Gold and cash against sanctions

Gold, Coin, Euro
Gold is a universal means of payment and preservation of value (Photo: Goldreporter).

The Iranian leadership wants to collect 300 million euros in cash from a Bundesbank account. Iran is also hedging itself against sanctions with gold.

Last May the United States terminated the nuclear agreement with Iran and announced new sanctions against the Islamic Republic. In Tehran, people are preparing financially for an emergency. For example, foreign assets of Iranians or government agencies could be frozen. In addition, access to international (western) payment transactions has already been cut in many cases.

As we read in online reports today, Iran now wants to have 300 million euros in cash delivered by plane from Germany. This is supposed to be money that the state-owned European-Iranian Trade Bank holds with the Bundesbank.

According to Bild-Zeitung, cash liquidity in Iran is needed to provide private individuals with money when travelling abroad. In particular in the event that no recognised credit cards were available or could be used. The Federal Ministry of Finance will now examine whether the transfer will take place.

Iran has another liquidity and currency reserve in gold. Already in the period of the last sanction cycle, a trade of oil for gold had become known, in which Turkey obviously played an important role (Why gold will be boosted by Iran sanctions). Even when these were loosened in 2016, there were reports of a strong increase in gold purchases by Iran (Iran: Gold demand is rising rapidly after relaxed sanctions).

And gold has also made the headlines in the country itself. There is a mystery about the whereabouts of large quantities of state gold coins. The Iranian central bank began selling gold coins to private entities in February. 380,000 coins, 5 percent of the total, are said to have gone to only 50 addresses. It is unclear who were the preferred buyers. An individual with the nickname „King of Gold“ is said to have purchased two tons of gold coins within several months. According to press reports, the man has now been arrested, although he has officially committed no crime with the purchases.


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