Iran Settles Debts to Farmers Amid Wheat Self-Sufficiency

The Iranian government has successfully paid off its debts to domestic farmers for this year's wheat purchases, coinciding with a record crop that has rendered the country self-sufficient in wheat production.

Iran (IMNA) - On Sunday, Iran’s Organization of Directed Subsidies announced the settlement of a final debt tranche amounting to 5 trillion rials (approximately $7.24 million).

This year, total expenditures on wheat purchases from Iranian farmers surpassed 2,110 trillion rials, equivalent to $3.05 billion at the free market exchange rate and around $4.22 billion based on government-controlled market prices, where the US dollar has recently traded at 500,000 rials.

During the April to September harvesting season, the government reported that it had acquired over 11.993 million metric tons (mt) of wheat from local farmers, marking a 16% increase compared to the previous year. The southwestern province of Khuzestan emerged as the leading wheat producer, contributing over 1.623 million mt from nearly 81,000 farmers.

Iran's Minister of Agriculture, Gholamreza Nouri, stated last week that this year's abundant wheat harvest has allowed Iran to cease large imports of wheat from countries such as Russia, which had been a common practice in recent years.

News ID 807384

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