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Central Bank of Iran to finance import of pesticides and fertilizer

Business Materials 15 September 2020 18:33 (UTC +04:00)
Central Bank of Iran to finance import of pesticides and fertilizer

TEHRAN,Iran,Sep.15

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Iran's Market Regulation Headquarters has planned to increase support of agriculture production by assigning official foreign currency for imports.

Market Regulation Headquarter's recent meeting has approved that the Central Bank of Iran would set its special priority to provide foreign currency for imports of fertilizer and pesticide for the agriculture sector, Trend reports citing Mehr News Agency.

It is expected that a working group would monitor the effects of foreign currency rate on agriculture products.

The Acting Minister of Industries, Mine and Trade, Jafar Serghini, has announced in his recent meeting with the Agriculture Minister that the National Iranian Copper Industries Companies is ready to supply phosphate fertilizer to farmers.

A working group has been assigned to monitor the increase of export and foreign currency rate on agriculture products. It was also announced that tariffs on exports would be reviewed to support producers and exporters.

The government has purchased guarantee apples and oranges to store at its reserves to support producers that would increase demand and increase the income of farmers.

The Agriculture Minister has announced in the headquarters session that orange production has increased 15 percent in the current Iranian year (started March 20, 2020).

Statistics show that 3.4 million tons of orange were produced in the current Iranian year (started March 20, 2020), while producing apple increased one percent compared to last Iranian year (started March 21, 2019) this production growth would balance the market.

The assignment of the official foreign currency rate to the import of fertilizers has been previously eliminated that led to an increase in fertilizer's price.

A member of parliament's plan and the budget commission has recently announced that the price of chemical fertilizers has increased 10 times before the growing season that is a threat to food security.

"The country needs 600,000 tons of fertilizers and only 150,000 tons of potassium and phosphate fertilizers are produced domestically," Fars News Agency reported citing Mohammad Hosseini.

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