BAKU, Azerbaijan, February 23. Iran imported 26,538 kg of gold bars, valued at $1.7 billion in the first 11 months of the current Iranian year (March 21, 2023 through February 19, 2024), Trend reports.
As indicated in the data from Islamic Republic of Iran Customs Administration (IRICA), that gold bars made up 2.85 percent of Iran’s total imports in 11 months.
Of the total volume, 72.1 percent was imported via the customs of Imam Khomeini Airport, 18 percent via Bashmaq customs, and 7.37 percent via Tabriz customs.
In the 11th month alone (January 21 through February 19, 2024), 2,000 kilograms of gold bars worth $131 million were imported to Iran. The figure stood at 461 kilograms worth $27 million in the same period of previous Iranian year.
The sanctions imposed by the US against Iran have made it extremely difficult to bring foreign currency (US dollars) to the country. Iran prefers to use alternative ways to avoid sanctions. In this regard, the Iranian government has created conditions for the exporters of non-oil products to import gold bars into the country instead of foreign currency.
On May 8, 2018, the US announced its withdrawal from the Joint Comprehensive Plan of Action (JCPOA) between Iran and the 5+1 group (Russia, China, the UK, France, the US, and Germany) and imposed new sanctions against Iran as of November 2018.
Over the past period, the sanctions have affected Iranian oil exports and more than 700 banks, companies, and individuals. The sanctions have resulted in the freezing of Iranian assets abroad.
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