61807
Gov’t Begins Guaranteed Purchase of Wheat
Gov’t Begins Guaranteed Purchase of Wheat

Iranian Gov’t Begins Guaranteed Purchase of Wheat

Iranian Gov’t Begins Guaranteed Purchase of Wheat

The government has kicked off its guaranteed purchase of wheat from local farmers in the new Iranian year (started March 21). “Purchases have been made in Kerman and Sistan-Baluchestan provinces,” Ali Qanbari, the head of Government Trading Corporation, was quoted as saying by Eghtesad Online.

GTC is a government-owned company specializing in the purchase, import and distribution of essential foodstuff. It is the lever for enforcing market controls.

The company is also in charge of maintaining a supply of wheat, rice, cooking oil and meat, as the country’s strategic reserve of essential commodities.

A record high of 14 million tons of wheat were domestically produced last year, more than 11.76 million tons of which worth over $4 billion were purchased by the government from local farmers at guaranteed prices.

This helped Iran achieve self-sufficiency in wheat production. “It is estimated that this year too, around 11 million tons of the grain will be purchased, and as such, the self-sufficiency attained last year will endure in the current year,” Qanbari said.

Every year, the government buys certain strategic crops, including wheat from local farmers at guaranteed prices, to build up its strategic reserves and control prices in the domestic market.

Short URL : https://goo.gl/vsaQbY
  1. https://goo.gl/ZaWRR8
  • https://goo.gl/yScRzO
  • https://goo.gl/Y0S1Jr
  • https://goo.gl/D69C7J
  • https://goo.gl/dxgEJc

You can also read ...

Valiollah Seif
Governor of the Central Bank of Iran said on Wednesday anti-...
Nat’l Virtual Currency in the Offing
Months after the idea was first publicized, it seems that Iran...
5th Indian Wheat Cargo Arrives for Afghanistan in Chabahar
India’s fifth consignment of wheat to be sent to Afghanistan...
Presale Crosses  96,000 Gold Coins
The presale of Bahar Azadi gold coins priced at 14 million...
Spanish Foreign Minister Alfonso Dastis met with President Hassan Rouhani on Feb, 21.
Foreign ministers of the Netherlands and Spain are in Tehran...
Lexus’ New Crossover to Break Cover  in March
Lexus will pull the covers off of the production version of...
The government has required car importers to pay the higher tariffs announced in January.
The government has finally allowed the clearance of imported...
Bank Loans Top $100b in 10 Months
Banks and credit institutions doled out more than 4.62...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus