Economy, Business And Markets

Wheat Self-Sufficiency

Wheat  Self-SufficiencyWheat  Self-Sufficiency

More than 10 million tons of wheat worth about 128 trillion rials (more than $3.6 billion at current market exchange rates) have been purchased from local farmers by the government since the beginning of the harvest season in March, which indicates a 25% rise compared to the corresponding period last year, according to the head of Government Trading Corporation of Iran. “We have reached self-sufficiency this year while the government’s wheat purchases still continue. At present, we have a surplus of 2 million tons, which can be exported provided the permits are issued by the government,” said Ali Qanbari. Every year the government buys wheat at guaranteed prices from local farmers to build up its strategic reserves and control prices in the domestic market.