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Iran’s GTC sees surge in amount of wheat purchased from local farmers

Business Materials 2 July 2022 13:00 (UTC +04:00)
Iran’s GTC sees surge in amount of wheat purchased from local farmers
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, July 2. The amount of wheat purchased from farmers in Iran under a guarantee from the beginning of the current wheat harvesting season in the country (March 24, 2022) to July 2, increased by 28 percent, compared to the same period last season, Trend reports citing the Iranian Government Trading Corporation (GTC).

In total, more than 4.09 million tons of wheat have been purchased from local farmers within the mentioned period.

Meanwhile, in the same period last season, the figure stood at 3.2 million tons.

The value of wheat purchased from local farmers from March 24 through July 2, 2022 amounted to 473 trillion rials (about $11.3 billion).

The largest amount of wheat was purchased from farmers in Iran’s Khuzestan, Golestan and Fars provinces.

In general, 9 million tons of wheat are expected to be purchased in Iran in the current Iranian year (from March 20, 2022, through March 20, 2023). Of this, about 5.5 million tons are expected to be purchased by the GTC.

The price of 1 kg of wheat was set up at 115,000 rials (about $2.74) for the current Iranian year.

A number of products, including wheat, tea, rice, and other products are purchased from farmers by GTC under a guarantee in Iran.

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