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Iran increases wheat purchase guarantee rate

Business Materials 16 May 2021 09:23 (UTC +04:00)
Iran increases wheat purchase guarantee rate

TEHRAN, Iran, May.16

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Government Trading Corporation of Iran approves to purchase guarantee 8 million tons of wheat in current Iranian year (started March 21, 2021), said the commercial deputy of the Government Trading Corporation of Iran.

The Government Trading Corporation of Iran has already purchased a guarantee of 1.3 million tons of wheat valued at $1.4 billion, said Hassan Hanan, Trend reports citing IRNA.

"The following wheat has been delivered by farmers of 10 provinces, the purchase guarantee of wheat has been increased 5 percent compare to the previous year due to early harvest," he said.

It was previously announced that purchase guarantee of wheat is currently ongoing in Ilam, Bushehr, Khuzestan, Fars, Hormozgan, Kerman, Kermanshah, Sistan and Baluchestan, Kohgiluyeh and Boyer-Ahmad provinces and 202,000 cargo of wheat has been purchased from 66,000 farmers and the value has doubled compared to the previous year.

The price of one kilo of wheat in the current Iranian year is 50,000 rial (about $1.1) which has doubled compared to the previous Iranian year (started March 20, 2020). Iran has banned wheat import in recent years due to self-sufficiency in domestic wheat production and there have been some exceptions for wheat import to complete the country's reserves however the private sector was not allowed to have import permits.

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