Agricultural trades at Iran Mercantile Exchange hits new record
Baku, Azerbaijan, March 27
By Gazenfer Hamidov – Trend:
Over 33 trillion rials (each USD makes 37,700 rials) worth of agricultural products were traded at Iran Mercantile Exchange (IME) last fiscal year (ended March 20, 2018), Hamed Soltaninejad, the IME CEO said.
The volume of the traded agricultural products amounted to three million tons in the one-year period, which is a new high record in last 10 years, Soltaninejad said, Fars news agency reported March 27.
During the last Iranian fiscal year above 450,000 tons of wheat was exported through IME, he added.
Last fiscal year, also 700,000 tons of corn was offered at the IME, the official said, adding that so far over 1,500 kilograms of saffron has been offered at Iran Mercantile Exchange.
He further said that 60 tons of saffron also will be offered at the exchange.
The IME was founded in 2007. It trades in agricultural, industrial and petrochemical products in spot and futures markets.
There are 70 listed brokerage companies in IME who are members of the exchange licensed by the market regulator, the Securities and Exchange Organization.
According to Soltani-Nejad, IME trade value hit 1.03 quadrillion rials ($23 billion) during the first 11 months of the last fiscal year (March 21-Feb. 20), marking a 39 percent year-on-year growth and reaching an all-time high.
IME’s trade value stood at 817 trillion rials ($21.78 billion) during the previous fiscal year (March 2016-17), accounting for 6.5 percent of Iran’s gross domestic product.