Iran gold imports fall 92% over five-month period, customs data shows

TEHRAN, Iran — TEHRAN — Iran's gold imports dropped 92.3% in the first five months of the year compared with the same period last year, according to customs data reported by Shafaq News. Volume fell from roughly 13 tons to about 1 ton, while the value of imports declined from $1.256 billion to $97 million, a reduction of around $1.159 billion. The Central Bank of Iran said it would inject $500 million in cash into the banking system to counter currency market volatility after the dollar rose above 200,000 tomans. Under the measure, each Iranian citizen will be able to purchase $1,000 at the official rate using their national ID number. The official rate stands at 195,000 tomans per dollar, about 3,000–4,000 tomans below the free-market rate. The cap on foreign currency sales to legal entities has also been raised to €5,000 under an amendment to Article 5 of the relevant directive. Jafar Qaderi, a member of parliament's Economic Commission, told ILNA that the new policy adds extra demand to the market and reflects a misdiagnosis by the central bank. He warned that citizens may hold purchased dollars at home and proposed fixed-income foreign currency funds to channel the money back into the economy.