TEHRAN, Aug. 15 (Xinhua) -- The slump of Turkish lira against the U.S. dollar would have a ripple effect on Iran's economy, EghtesadOnline reported Wednesday.
The depreciation of lira in recent months could escalate the capital outflow from Iran toward Turkey's real-estate market, said Mohammad Tabibian, an Iranian economist and former deputy director of Plan and Budget Organization.
"The Central Bank of Iran needs to take into account the new developments and their knock-on effects on Iran's economy," Tabibian noted.
He also warned against the negative impact of cheap imports of consumer goods from the neighboring country on Iran's already alarming manufacturing sector.
Reza Kami, chairman of Iran-Turkey Chamber of Commerce, expressed similar concerns as Iranians are among the main foreign buyers of Turkey's real estate.
The Turkish authorities "recorded more than 944 properties in the name of Iranian nationals in the first half of 2018, making Iran the third largest foreign purchasers of its residential properties," Kami said.
Trade between Iran and Turkey hit 10.75 billion dollars in 2017, up 11 percent from a year earlier, while Iran's exports to Turkey stood at 7.5 billion dollars, registering a 59-percent year-on-year growth.
Iran is the 12th largest exporter to Turkey, with oil, natural gas, petroleum products and copper as its main exports, while Iran is the 8th biggest importer of Turkish products including essential goods, fruits, wood and metal products.
