Iran reports three-fold increase in gold imports in 3 months
Date
6/24/2024 4:04:18 AM
(MENAFN) Iran's Customs Administration (IRICA) has revealed a substantial increase in Gold imports during the first quarter of the current year (March 20-June 20), marking a significant shift compared to the same period last year. According to a news agency, 6.6 metric tons (mt) of gold bullion were imported into the country, a three-fold increase from the 2 mt imported during the corresponding period in the previous year, valued at USD130 million.
Imam Khomeini Airport Customs emerged as the primary entry point for over 91 percent of the imported gold bullion in the initial months of this year. This surge follows the Iranian government's decision in late 2022 to facilitate gold imports as part of its strategy to mitigate the impact of sanctions, allowing businesses to utilize gold to settle their export-related foreign exchange obligations to the government.
Under a new directive from IRICA, the importation of gold bullion currently enjoys exemptions from direct taxes, a policy intended to encourage and support the inflow of precious metals into the country. Furthermore, various types of gold bullion imports remain exempt from value-added tax (VAT), reaffirming Iran's commitment to fostering a conducive environment for gold trade and investment.
These policy adjustments underscore Iran's proactive approach to leveraging gold imports strategically amidst economic challenges, aiming to bolster financial flexibility and resilience in the face of international sanctions. The increase in gold imports not only reflects evolving economic strategies but also positions Iran within the global gold market as it navigates geopolitical dynamics and economic imperatives in the region.
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