Iran Has $22 Billion for Commodity Imports, Mehr Says

Iran has allocated some $22 billion for the import of basic commodities including rice, sugar, and meat this year, Mehr reported, citing deputy commerce minister Mohammad-Ali Zeighami.

The funds, to be provided by the government to the Ministry of Industries, Mines and Commerce, are for the Iranian year started on March 20th, Zeighami said, according to the state-run news agency report. Last year the ministry was provided with $20 billion, he said.

Commodities such as rice, cooking oil, sugar, wheat, barley, soybeans and meat, in which Iran’s local production isn’t sufficient may be imported, Zeighami said.

Food prices have soared in recent months, which the Iranian government has attributed to an increase in food prices in the global markets, the report said.

To contact the reporter on this story: Ladane Nasseri in Dubai at lnasseri@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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