GTC records increase in guaranteed wheat purchasing in Iran’s Hamadan

Finance Materials 1 August 2022 18:33
Baku, Azerbaijan Trend News Agency Elnur Baghishov
GTC records increase in guaranteed wheat purchasing in Iran’s Hamadan

Iran’s Government Trading Corporation (GTC) has purchased 274,000 tons of wheat from farmers under a guarantee in the Hamadan Province (western Iran), from the beginning of the current wheat harvesting season in Iran (March 24, 2022) to July 29, 2022, Director General of the GTC’s branch in Hamadan Province Masoud Bokaee said, Trend reports citing the corporation’s website.

“This is an increase of 55 percent in volume compared to the same period last season. So, the figure stood at 177,000 tons in the same period of the last season,” the director general noted.

Bokaee added that the value of purchased wheat is 31.7 trillion rials (about $755 million). Of this, 16 trillion rials (about $382 million) has been paid to farmers.

According to the official, the most amount of wheat has been purchased in Razan County - 81,000 tons, Nahavand County - 60,000 tons, and Kabudarahang County - 44,000 tons.

In general, 9 million tons of wheat are expected to be purchased in Iran in the current Iranian year (from March 20, 2022, through March 20, 2023). Of this, about 5.5 million tons are expected to be purchased by the GTC.

The price of 1 kg of wheat was set up at 115,000 rials (about $2.74) for the current Iranian year.

A number of products, including wheat, tea, rice, and other products are purchased from farmers by GTC under a guarantee in Iran.