Economy, Domestic Economy

Plans to Purchase 7.7m Tons of Wheat

Plans to Purchase 7.7m Tons of WheatPlans to Purchase 7.7m Tons of Wheat

The government plans to purchase 7.7 million tons of wheat in excess by the end of the current Iranian year (March 19, 2016), according to deputy minister of agriculture jihad, Ali Qanbari. The surplus will be purchased using 90 trillion rials ($2.7 million at market exchange rate) jointly funded by the Management and Planning Organization, banks and the Government Trading Corporation of Iran, IRNA reported. Total wheat demand in the country currently stands at 11 million tons, of which 9 million tons are used for baking bread and the remaining is utilized by other industries. To meet domestic demand, the official predicted that 1.5-2 million tons of wheat need to be imported during the current year.