Domestic Economy

Iran Gov't Halfway Through Guaranteed Wheat Purchase

Gov't Halfway Through Guaranteed Wheat PurchaseGov't Halfway Through Guaranteed Wheat Purchase

A total of 6 million tons of wheat worth 140 quadrillion rials ($577.32 million) have been purchased from local farmers in all 31 Iranian provinces in the current fiscal year (started March 20), a deputy minister of industries, mining and trade.
“The volume of purchased wheat shows a 12% rise compared with the corresponding period of last year,” Yazdan Seif, who doubles as the head of the Government Trading Corporation of Iran, was also quoted as saying by Mizan Online.
The government has purchased 56.19% of the wheat it had planned to buy as part of its guaranteed purchase plan this year.
Every year, the government buys strategic crops, including wheat, sugarbeet, tea, barley, cotton boll and oilseeds, from local farmers at guaranteed prices to control prices in the domestic market and fill its strategic reserves.


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment