Iran’s GTC discloses amount of wheat purchased from local farmers countrywide

Business Materials 14 September 2022 16:38 (UTC +04:00)
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, September 14. In total, about 7.15 million tons of wheat worth about 828 trillion rials (about $19.7 billion), have been purchased from farmers under a guarantee in Iran since the beginning of the current wheat harvesting season (started on March 24, 2022), in the country, Executive Director of Iran’s Government Trading Corporation (GTC) Saeed Rad said, Trend reports citing the corporation’s website.

The director noted that this is an increase of 58 percent in volume compared to the last season.

“Thus, a total of 4.53 million tons of wheat have been purchased in Iran under a guarantee within last season,” he added.

According to Rad, the value of wheat purchased for the current season is 16 trillion rials (about $381 million), more than the overall value of wheat purchased in the last five seasons.

Wheat is purchased from farmers in Iran in two forms - under the 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 7.3 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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