Syria sell gold by less than 15% from the global price

Untitled-1 copy

Diplomats and traders revealed that Syria is trying to sell gold reserves have, with the penalties affected by Western and Arab, which targets the central bank and oil exports.
He said French Foreign Minister, Alain Juppe, after a meeting with about 60 countries to coordinate actions against the regime of President Bashar al-Assad, said that Western sanctions have reduced the Syrian foreign exchange reserves of about $ 17 billion in half.
The source said a Western diplomat told Reuters that Syrian sell gold cheaply, but he refused to disclose the place to sell it, as he emphasized a diplomatic source as a second this information, he said, adding that Damascus is seeking to sell all they can to sell for liquidity, including currency reserves.
He acknowledged the European Union on 27 February, more sanctions include a ban trade in gold and other precious metals with the Syrian government institutions, including the Central Bank.
Two of the gold dealers in the United Arab Emirates, told the Middle East, the Syrian government has been selling gold at low prices, and one of them said it was selling at least 15% from the market price.
He explained that Damascus merchant sells small quantities between 20 and 30 kg, because the easiest to sell, and Products provided through the special accounts are being created with the providers of free e-mail.
According to another dealer that has not yet completed deals in Dubai, because the UAE authorities to prevent unauthorized transactions, and that only a small number of potential buyers ready to take the risk of these deals.
The merchant said: “We get offers to sell gold from Syria and the countries in North Africa at a discount of 15%, but there are severe restrictions in Dubai does not allow any unauthorized transactions.”
According to estimates by the World Gold Council, Syria has 25.8 tons of gold last February, representing about 7.1% of total reserves.