BAKU, Azerbaijan, August 3. Iran’s Government Trading Corporation (GTC) has purchased a total of 6.43 million tons of wheat worth over 744 trillion rials (about $17.7 billion) have been purchased from farmers under a guarantee in Iran since the beginning of the current wheat harvesting season (started March 24, 2022) in the country, Trend reports citing the GTC’s website.
On August 3, another 50 trillion rials (about $1.2 billion) in exchange for purchased wheat has been paid to farmers and thus, the value of money paid to farmers to date has reached 593 trillion rials (about $14.1 billion). This means about 82 percent of total money has been paid.
Currently, guaranteed purchase of wheat from farmers continues in the country, mainly in the north part. During the current season, the most amount of wheat was purchased in Iran’s Khuzestan, Golestan and Kurdistan provinces.
Wheat is purchased from farmers in Iran in two forms - under basis of contracts and under a guarantee.
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 Iran’s Government Trading Corporation (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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