Iran reports surge in gold imports in early months of current year
Date
5/27/2024 9:45:29 AM
(MENAFN) Iran's Customs Administration (IRICA) has recently disclosed that a significant influx of gold has been recorded in the country during the initial two months of the current year. According to IRICA's data, a total of 4.6 metric tons of gold, valued at USD330 million, were cleared through customs ports and imported into Iran during this period. This figure reflects a notable increase compared to the corresponding period last year, where only 1.2 metric tons of gold bullion, amounting to USD79 million, were imported.
The surge in gold imports, as reported by IRNA citing figures from IRICA, highlights a substantial uptick of 3.8 times more gold entering the country compared to the same period in the previous year. Notably, Imam Khomeini Airport Customs served as the origin for over 91 percent of the imported gold bullion during the first two months of the current year, spanning from March 20 to May 20.
Late in the year 2022, the Iranian government implemented a strategic plan aimed at streamlining the importation of gold as part of its broader anti-sanctions policy. This initiative allows businesses to leverage gold imports to settle their export-related foreign exchange obligations to the government, providing a mechanism for financial stability amidst economic challenges.
Moreover, in line with efforts to facilitate gold imports, IRICA issued a new directive exempting imports of gold bullion from direct taxes, effective until further notice. Additionally, various types of gold bullion imports will continue to be exempt from value-added tax (VAT), as stipulated by the directive. These measures signify a concerted effort by Iranian authorities to bolster economic resilience and navigate the complexities of international sanctions.
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