Iran’s imports of gold reach 61.5 tons in 8 months

(MENAFN) Iran imported approximately 61.5 tons of gold in the eight months leading up to November 20, as part of efforts to mitigate the impact of sanctions that limit the country's access to the international banking system. According to data from the Islamic Republic of Iran Customs Administration (IRICA), the value of these gold imports during the period reached USD4.6 billion. This marks a significant increase in gold imports, with figures showing a 462 percent rise in value and a 371 percent increase in volume compared to the previous year.

The surge in gold imports comes as part of a broader strategy by Iran to circumvent economic pressures caused by international sanctions. Over the past two years, the country has been receiving large gold shipments, following a relaxation of import rules aimed at helping exporters repatriate their earnings. The policy change, introduced in November 2022, allows Iranian exporters to bring in gold as a means of settling hard currency obligations with the central bank.

This move is part of the Iranian government's broader strategy to ease the economic burden of U.S. sanctions, which have heavily restricted Iran’s access to global financial networks. By facilitating gold imports and allowing exporters to use gold as a payment mechanism, the government aims to strengthen its economic resilience and ensure that export proceeds are reinvested into the national economy.

The increased gold imports reflect the country’s ongoing efforts to navigate the complex financial challenges imposed by international sanctions, while also providing a means of maintaining a degree of financial independence and stability in the face of economic isolation.

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