BAKU, Azerbaijan, May 27. The gold bars imported to Iran in the first two months of the current Iranian year (from March 20 through May 20, 2024) increased four times in value and weight compared to the same period last year (from March 21 through May 21, 2023), the statistics of Iran's Customs Administration said, Trend reports.
During the first two months of the current Iranian year, 4.6 tons of gold bars worth $330 million were imported into the country. However, during the same period last year, 1.2 tons of gold bars worth $79 million were imported into the country.
Approximately 91 percent of the gold bars were imported through the customs of Iran's Imam Khomeini International Airport.
Additionally, it should be noted that Iran imported about 30 tons of gold bars worth about $1.94 billion in the last Iranian year (from March 21, 2023 through March 19, 2024).
Furthermore, the new sanctions imposed by the US on Iran have made it extremely difficult to bring foreign currency (US dollars) into the country. Iran prefers to utilize alternative ways to avoid sanctions. Therefore, the Iranian government has created conditions for non-oil exporters to bring gold bullion into the country instead of foreign currency.
To note, the US imposed new sanctions against Iran in November 2018. Over 700 banks, companies, and individuals exporting Iranian oil have fallen under sanctions over the past period. The sanctions led to the freezing of Iran's assets in foreign countries.
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