Iran says oil swap against gold with African "solution" for US banking sanctions – Xinhua

Iranian women shop at Tehran's former grand bazaar in Tehran on July 28, 2018. (AFP photo)

TEHRAN, July 30 (Xinhua) – Iranian trade official said Tehran was looking for solutions Potential to maintain trade with Africa by trading petroleum products for gold, Press TV reported on Monday.

Hbadan Khosrowjerdi, chairman of the Iran-Africa Economic Cooperation Council, said that with US sanctions in prospect, banking problems would be Iran's biggest challenge for trading with foreigners. 39, other countries.

This could be solved by establishing barter mechanisms with other countries, including those in Africa, Khosrowjerdi added, adding that the use of barter is the best way to facilitate trade. between Iran and Africa, especially when the sanctions come back.

He said that one of the key elements that Iran was particularly interested in the same effect is gold.

Khosrowjerdi did not mention any specific country with which Iran was planning to barter its products with gold, but Ghana, the second largest exporter of gold from the United States. Africa after South Africa, could be a primary target, according to the report.

Iran exports a wide range of petroleum products to Ghana, including tar and various types of industrial petroleum.

Iran buys mainly gold from the United Arab Emirates and South Africa, some reports already showing in the media that the country has intensified its purchases of precious metals during in recent years.