BAKU, Azerbaijan, August 24. Iran's Government Trading Corporation (GTC) has paid another 50 trillion rials (about $1.19 billion) to wheat farmers in exchange for guaranteed purchased wheat in the country on August 24, 2022, Trend reports citing the corporation’s website.
“Thus, the amount of total money paid to farmers in exchange for purchased wheat from farmers under a guarantee since the beginning of the current wheat harvesting season (from March 24, 2022 to August 22, 2022) in the country, exceeded 665 trillion rials (about $15.8 billion), which is 82 percent of the total amount,” the report said.
In total, over 7 million tons of wheat worth more than 809 trillion rials (about $19.2 billion) have been purchased from farmers in Iran under a guarantee since the beginning of this season. This is an increase of 55 percent in volume, compared to the same period last Iranian year.
Despite the existence of drought in the country, there is an increase in the guaranteed purchase of wheat in 28 out of 31 provinces of Iran. Even there are more than 4 times increase recorded in some provinces.
Currently, guaranteed wheat purchasing continues in Iran’s provinces.
The most amount of wheat was purchased in Khuzestan, Golestan and Kurdistan provinces of Iran, respectively.
Wheat is purchased from farmers in Iran in two forms - on 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 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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