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Iran sees increase in guaranteed wheat purchasing in East Azerbaijan Province

Business Materials 14 August 2022 19:15 (UTC +04:00)
Iran sees increase in guaranteed wheat purchasing in East Azerbaijan Province
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, August 14. The amount of wheat purchased from farmers in Iran’s East Azerbaijan Province under a guarantee since the beginning of the current wheat harvesting season (started on March 24, 2022) in the country, increased by 100 percent, compared to the same period last season, Director of Iran's East Azerbaijan Province Agriculture Department Akbar Fathi told IANA, Trend reports.

The director noted that more than 171,000 tons of wheat have been purchased from farmers in the province under a guarantee for the reporting period.

“Whereas, in the same period of the last season, the figure stood at 85,500 tons,” he added.

According to Fathi, the value of purchased wheat amounted to 19.8 trillion rials (about $472 million). So far, 4.32 trillion rials (about $103 million) has been paid to farmers in exchange for purchased wheat, which is 22 percent of the total value.

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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