BAKU, Azerbaijan, July 23. The total import of gold bars to Iran increased four times in value and weight in the first four months of the current Iranian year (from March 20 through July 21, 2024) compared to the same period last year (from March 21 through July 22, 2023), the statistics of Iran's Customs Administration said, Trend reports.
During the first four months of the current Iranian year, nearly 12.3 tons of gold bars worth $779 million were imported into the country. However, during the same period last year, over three tons of gold bars worth $197 million were imported into the country.
Approximately 93 percent of the gold bars were imported through the customs of Iran's Imam Khomeini International Airport.
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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