As a member of the BRICS alliance, Iran has dramatically increased its gold imports, bringing in six times more bullion than it did last year—about 43 tons in total, according to a report from Iran International.
According to Iran's Customs, between March 21 and September 20 (the first half of the Iranian calendar year), the country imported around 43 tons of gold, valued at $2.5 billion. That’s a massive jump from the 7.3 tons (worth $466 million) it imported during the same period last year.
Mohammad Rezvanifar, Chief of the Islamic Republic of Iran’s Customs Administration, said most of this gold came through Tehran’s International Imam Khomeini Airport, with nearly 97% processed there.
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Adapting to sanctions
Iran has been tweaking its foreign exchange rules in response to ongoing sanctions. Exporters in big industries like petrochemicals, steel, and oil were allowed to import gold instead of foreign currency, but the central bank stopped this for some exporters in June. Experts think this gold import boom might be part of a strategy to manage currency shortages and keep trade flowing despite the sanctions.
Confusion over reserves
There’s been some uncertainty around how much gold Iran has. Under former president Mahmoud Ahmadinejad, the Central Bank stopped regularly reporting on its gold reserves due to sanctions. In 2011, the bank’s governor said Iran had about 500 tons of gold. However, an investigation during Hassan Rouhani's presidency found the reserves were closer to 45 tons. Current Central Bank governor Mohammadreza Farzin recently said that both gold and currency reserves are on the rise, but he didn’t share exact numbers. Augusta Precious Metals $0 (10 Years) $50,000 "Best Overall" by Money Magazine, Award-Winning for 6 Years, Thousands of 5-Star Rankings Goldco Vary $25,000 Industry leader with over $2 Billion in gold and silver. Top rated precious metals company with buy back guarantee Birch Gold Group Vary $10,000 Since 2003 BGG served over 32,000 customers. A+ rating with BBB, AAA from BCA & has multiple celebrity endorsements On August 18, social media campaigns promising good fortune sparked a sudden rush to buy gold in Iran. The surge caught officials by surprise, with the Iran Gold and Jewelry Union vice president saying he hadn’t seen anything like it in his 64-year career. Although no official sales figures were released, the import spike might help explain the craze. Some people even speculated that the promotions were part of a government push to sell off imported gold to stabilize the currency. Iran has long relied on gold to make international transactions and work around currency restrictions. Earlier this year, leaked documents from a drone company tied to Iran’s military revealed that Russia paid $1.75 billion for Shahed-136 drones, with part of the payment made in gold. The documents also showed plans to set up a drone production line in Russia to reduce reliance on Iranian imports. During Ahmadinejad’s presidency, there was a scandal involving oil broker Babak Zanjani and a deal where Iran’s Central Bank arranged to buy 1.5 tons of gold from Africa. The gold was seized in Turkey and then delivered to Dubai, only for authorities to later discover it was fake.Expand Details
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From Precious Metals IRAs to direct purchases of gold and silver, Goldco have helped thousands of Americans place over $2 Billion in gold and silver. TOP-RATED PRECIOUS METALS COMPANY Rated A+ by the Better Business Bureau Rated Triple A by Business Consumer Alliance Earned over 6,000+ 5-Star Customer Ratings Money.com 2024 Best Customer Service 2024 Inc. 5000 Regionals: Pacific Ranked #17 2024 Gold Stevie Award, Fastest Growing Company Inc. 5000 Award Recipient, 8+ YearsExpand Details
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Gold and drones
