Iran has experienced a significant increase in gold bullion imports, with a reported 6 metric tons worth approximately $390 million brought into the country in the first three months of the year. This marks a threefold increase compared to the same period last year, according to data from IRICA.
The majority of these imports, over 91.64%, originated from Imam Khomeini Airport Customs. Late in 2022, the Iranian government implemented a plan to streamline the import of gold as part of its strategy to counter sanctions. Businesses were given the green light to import gold to settle their export-related foreign exchange debts to the government.
This surge in gold bullion imports indicates a notable shift in Iran’s economic policies and strategies amidst global challenges and sanctions. The country’s proactive approach towards managing its foreign exchange reserves and mitigating economic pressures through gold imports demonstrates resilience and adaptability in the face of adversity.
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