Iran Economy NewsIran cancels barter deal for wheat

Iran cancels barter deal for wheat

-

DAWN.com: Iran has scrapped its barter trade deal with Pakistan for purchase of one million tonnes of wheat. The first shipment of 30,000 tonnes of wheat was to leave for Iran last week, but has been halted as Iranian authorities informed the government about cancellation of the deal.

DAWN.com

ISLAMABAD – Iran has scrapped its barter trade deal with Pakistan for purchase of one million tonnes of wheat, top official of the Ministry of National Food confirmed to Dawn on Saturday.

The first shipment of 30,000 tonnes of wheat was to leave for Iran last week, but has been halted as Iranian authorities informed the government about cancellation of the deal.

Informed sources said that Iranian authorities scrapped the deal on the plea that they wanted supply from fresh wheat stocks.

Sources stated that Pakistan had agreed to supply 100,000 tonnes of wheat from the stock of wheat harvested earlier this year. However, Iranian authorities refused to accept even the fresh stock.

The first shipment was scheduled for February this year. However, it was delayed several times since Iran wanted fresh stock of wheat.

After scrapping the deal, Iran may consider buying basmati rice from Pakistan, sources said.

Wheat sowing season in the country will start after October 15 and continue till the end of December, while harvesting begins in Sindh in March and ends in June.

Sources said that the government is expected to announce wheat support price for farmers next month.

No official of the Iranian embassy in Islamabad was available for comments.

Economic and commercial counselors of the embassy were on leave while the press counselor did not respond to calls made by this correspondent.

Minister for National Food Security and Research, Sikandar Hayat Bosan, when contacted confirmed scrapping of the deal by Iran, and said the decision by Tehran would augment our wheat stock reserves.

National Food Security Secretary Seerat Asghar Jaura hinted that Iran may buy some other commodity from Pakistan in place of wheat.

Recently, Iranian deputy energy minister Mohammad Behzad was quoted by the Iranian news agency as saying that Tehran has agreed on barter trade of goods in exchange of electricity supply.

Iranian authorities had agreed that Pakistan would supply wheat and rice instead of cash since Pakistan owes Tehran about $53 million against electricity supply.

Latest news

 Statistics show that New Year accidents’ deaths in Iran reached 585

Ahmad Shirani, the head of the Information and Traffic Control Center of the Iranian regime’s police, announced that the...

Land Subsidence in Critical Conditions in Isfahan

Mehdi Toghyani, a member of the Iranian regime’s Majlis (parliament), pointed to the occurrence of land subsidence in various...

Iran’s Actual Inflation Rate Higher Than Official Stats

The state-run Donya-e-eqtesad newspaper, in a report analyzing the "general sentiment" regarding inflation in 2023, has stated that households...

Iranian Workers’ Monthly $136 Wages Can’t Cover $500 Expenses

The lives of a significant portion of the Iranian population are marked by uncertainty, largely because the Iranian economy...

Iranian Nurses Earn Twice Their Wages in Ride-Hailing Services

Reza Aryanpour, a member of the regime’s Majlis (parliament) Health and Treatment Commission, highlighted the growing trend of nurses...

Iran: Unprecedented Record of 152 Million Liters of Gasoline Consumption Per Day

On March 19, Iran set a new historical record in gasoline consumption with 152 million liters consumed in one...

Must read

Amnesty Condemns Bloody Crackdown on Iran’s November Protests

Amnesty International reports that Iranian security forces killed at...

Environmental Destruction and Forced Migration in Iran Are Reaching Alarming Levels

Rising temperatures, drying rivers and lakes, and unprecedented drought...

You might also likeRELATED
Recommended to you