BAKU, Azerbaijan, May 26
By Elnur Baghishov – Trend:
The Bank Keshavarzi Iran paid 20 trillion rials (about $476 million) for wheat purchasing from farmers under a guarantee in Iran during the first two months of the current Iranian year (March 21 through May 21, 2021), Trend reports citing the bank’s website.
This is an increase of 4 percent, compared to the same period last Iranian year.
“According to the decision of the Iranian government, the Bank Keshavarzi Iran will pay 55 trillion rials (about $1.3 billion) to provide liquidity for wheat purchasing from farmers in Iran under a guarantee,” the report said.
The payment of about half of the planned amount for about 2 months shows that Bank Keshavarzi has the potential to help solve economic problems in the country.
A number of products, including wheat, tea, rice, and other products are purchased from farmers by Government Trading Corporation of Iran (GTC) under a guarantee in Iran.
A total of 1.51 million tons of wheat have been purchased from farmers in Iran under a guarantee from the beginning of the current harvesting season in Iran (March 31, 2021) to May 23.
The value of purchased wheat is 67 trillion rials (about $1.59 billion). More than 41 trillion rials (about $976 million) of it has been paid to farmers.