Economy, Domestic Economy
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Gov't Wheat Purchase From Local Farmers Exceed 6m Tons

Gov't Wheat Purchase From Local Farmers Exceed 6m TonsGov't Wheat Purchase From Local Farmers Exceed 6m Tons

The government has purchased more than six million tons of wheat from local farmers since the beginning of the harvest season in late March, indicating a 13% increase compared to last year's corresponding period, according to a deputy minister of agriculture.

The government buys wheat from local farmers, often at guaranteed prices, to build up its strategic reserves and control prices in the domestic market. Khalil Aghaei also said domestic wheat production is estimated to exceed 13 million tons in the current Iranian year (March 2016-17).

"The government plans to buy 9 to 10 million tons of the grain this year." he said

Currently, 85% of domestic demand for wheat are met by local production. The government plans to achieve complete self-sufficiency in three years.

Financialtribune.com