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Wheat purchasing from local farmers in Iran’s Kurdistan Province surges

Finance Materials 12 September 2022 18:19
Baku, Azerbaijan Trend News Agency Elnur Baghishov
Wheat purchasing from local farmers in Iran’s Kurdistan Province surges

. The amount of wheat purchased from farmers in Iran’s Kurdistan Province (western Iran), under a guarantee since the beginning of the current wheat harvesting season (started on March 24, 2022), increased by more than 2 times compared to the last season, Trend reports citing Iran’s Government Trading Corporation’s website.

In total, Iran’s Government Trading Corporation (GTC) has purchased 614,373 tons of wheat worth more than 71 trillion rials (about $1.69 billion) within current season. Whereas in the last season, the figure stood at 280,173 tons.

So far, over 43 trillion rials (about $1.02 billion) has been paid to farmers for purchased wheat.

Kurdistan Province ranks 3rd in terms of guaranteed wheat purchasing in Iran, and 8.5 percent of the total wheat purchased in the country accounts for the province.

Wheat is purchased from farmers in Iran in two forms - on basis of contracts and under a guarantee.

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 7.3 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.

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