Iran’s gold imports at 61.5 mt in 8 month to late Nov: IRICA
Iran has imported some 61.5 metric tons (mt) of gold in the eight months to November 20 amid efforts to offset sanctions that restrict the country’s access to the international banking system.
Figures by Iran’s customs office (IRICA) published on Wednesday showed that the value of Iran’s gold imports had reached $4.6 billion in the eight months to late November.
The figures showed that Iran’s gold imports had increased by 462% and 371% in value and volume terms, respectively, year on year in April-November.
Iran has been taking delivery of large gold shipments in the past two years amid a relaxation of gold import rules that are aimed at helping exporters return their proceeds to the country.
A government law adopted in November 2022 allows Iranian exporters of goods and commodities to import gold to pay their hard currency liabilities to the country’s central bank.
The decision was part of a previous government’s efforts to minimize the impacts of US sanctions on Iran’s economy and its access to the international banking system.
IRICA statements in the past months have shown that a bulk of gold bar imports into Iran are processed via the customs office in the Imam Khomeini airport near Tehran without any information available on the origins of the shipments.
Turkey has also been responsible for a part of gold exports to Iran in recent years, according to the same statements.
IRICA figures released on Tuesday showed that gold bars had accounted for more than 10% of the value of Iran’s total imports in the eight months to late November.
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