Iran pays over $6B to local farmers under wheat purchase guarantee program

Business Materials 7 June 2023 15:08 (UTC +04:00)
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, June 7. About 50 percent of the money for purchased wheat from Iranian local farmers under a guarantee since the beginning of the current wheat harvesting season (started March 28, 2023) in the country to date, has been paid, Executive Director of Iranian Government Trading Corporation (GTC), Saeed Rad said, Trend reports.

The director noted that a total of 256 trillion rials (about $6.09 billion) were paid to wheat farmers in the country within the mentioned period. The remaining funds are expected to be paid to the farmers soon.

Rad added that approximately 3.5 million tons of wheat have been purchased from farmers in the country under a guarantee since the beginning of the current season, which is an increase of 30 percent compared to the same period in the last season.

Overall, 13 million tons of wheat are forecasted to be harvested in Iran for the current Iranian year (March 21, 2023 through March 19, 2024). Of that amount, 8-8.5 million tons are estimated to be purchased by Iranian Government Trading Corporation (GTC).

Meanwhile, last Iranian year (March 21, 2022 through March 20, 2023), about 11.5 million tons of wheat were harvested in the country, of which 7.5 million tons were purchased by the GTC.

Last year, the price of 1 kg of wheat was set up at 115,000 rials (about $2.74), while, 1 kg of wheat is set at 150,000 rials (about $3.57) for the current season.

In total, wheat was planted on 5.95 million hectares of land in Iran in the current season. Of this, 3.96 million hectares accounted for dry-farming land, while 1.99 million hectares for ordinary agricultural land.


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