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Iran bets big on gold as it weathers Trump turmoil | Business and Economy News

Tehran, Iran – Iran imports tons of gold in the past few months as it wanders in more difficulties under the United States Politics “The maximum pressure”.

Iran has turned into gold more as a safe investment in a haven for more than a decade, as economic storms that are never ended due to the sanctions on its nuclear program and its regional impact.

But the government of President Masoud Bezishian, who took over after the elections last summer in the wake of his predecessor Death in a helicopter crashIt took new levels in the face of pressure from US President Donald Trump.

By January 19, the end of Dai, the tenth month of the Iranian evaluation year, Iran had imported at least 81 metric tons of gold bars, according to the customs administration in the country.

According to what was reported, this was higher than 300 percent in terms of value compared to the corresponding period of the previous year, and 234 percent more in terms of weight.

In late February, the new Customs Head told Foreud Asagari the correspondents that the gold imports obtained for the exported goods exceeded 100 tons, without clarifying more.

This would indicate an increase of more than three times compared to a total of 30 tons from the previous year.

Central Bank President Mohamed Reda Farrazin claimed in December that 20 percent of the country’s foreign currency reserves have turned into gold, and that Iran has one of the highest gold rates to foreign currencies in the world.

Muhammad Ali Dahnan Dahnafi, head of the Iranian Trade Promotion Organization, said last month that the country’s trade balance in the country is negative again this year, but “most of that is due to the increase in gold imports.”

The Iranian authorities did not reveal the place of importing gold from, or what they exported to it.

Some reports indicated that Iran obtained a part of gold from Russia against drones. Iranian officials did not comment on the claim, while maintaining that they only exported some drones to Russia Months of the start of the Ukraine war.

Iran drone
The West maintains that Iran sold Shahid drone to Russia for the war in Ukraine [File: Brian Snyder/Reuters]

Gold everywhere

The increasing focus on gold was not limited to the Iranian government, which was also Densing to connect their budget holes By raising taxes significantly.

The Iranians have long been Hedging against their free national currency By buying foreign currencies and many golden products, especially the coins that the central bank has done.

The authorities have also strongly encouraged gold purchases in recent months.

Dozens of services and applications have emerged, as large public advertising campaigns tell people that they can Convert their savings into gold The least equivalent to $ 1 or less.

But not all of them have proven golden reserves, prompting the authorities to warn citizens periodically from buying only from accredited sellers to avoid deception.

Myths also played, with thousands in the waiting list in front of gold stores last August to buy based on the belief that buying gold on the thirteenth day of the Islamic embassy trips will lead to good wealth.

Gold Iran
Women examine the screen in a jewelry store in the old market in Yazd, Iran, on July 3, 2023 [Atta Kenare/AFP]

These people, and others who bought gold this year, in green, as the value of gold – led by global demand and local turmoil – increased much higher than Iran’s inflation by 35 percent.

The central bank also maintains a series of new sales of the golden currency, with delivery dates of up to six months. Some of these coins have been sold at higher prices than their essential global value.

The central bank planned to issue new golden certificates before the end of the current Iranian calendar year on March 20, but it was postponed to next year.

The monetary organizer did not announce conditions for the issuance of the state -backed certificates, saying only that the plan was delayed “in view of the economic conditions at the end of the year and the stock market.”

TEDPIX, the main stock market index on the TEHRAN Stock Exchange, has reached its highest level in January, but it was under a period of very fluctuations like The United States and Israel threatened us to bomb Iran The country’s economic problems increase.

What is behind the gold rush?

After Iran It was cut off from the global payment network It found its arrival in the highly restricted foreign currencies, the authorities were increasingly preferred by the authorities as a way to reduce dependence on the US dollar and contract assets of fundamental value to be used as a means of trade.

Iran is believed to have flew in most imported gold through Imam Khomeini International Airport in Tehran to reduce possible logistical challenges associated with the transfer of large sizes.

The government is also trying to expand the production of local gold in the coming years, as it currently plays a relatively modest role due to dull investments in exploration and mining.

But while the gold strategy may result in short -term gains for the economy under tremendous pressure, it has dangerous restrictions in curbing fleeing prices.

Iran's gold currencies
Iranian gold currencies [Photo by Naser Jafari/Tasnim News/AFP]

Economic analyst and market analyst Mahdi Haghali Al -Jazeera told Al -Jazeera that the golden currency sales of the Central Bank of the public are unlikely to be very effective.

He explained that the growth of excessive money supply – a major reason behind it Permanent inflation in Iran – It cannot be completely explained by the reduction in the value of the national currency in recent months, as it has been closely linked to geopolitical disorders.

He said: “By selling gold currencies, the central bank is supposed to try to refer to its confidence and huge reserves of foreign assets – whether in foreign currencies or gold.”

“But even if this is the case, the auctions will be sterile. The central bank and government cards are known to the public, and it is well known the huge financial deficit and commercial difficulties coming under the new US administration for players in the market. As a result, regardless of how much the central bank sells, it will fail to change public perceptions, and thus the impact of nearly zero on prices.”

Haghali said that only the economic and political conditions that have been improved can have a meaningful impact on prices, which makes gold sales “almost a waste of energy and resources.”

Lost gold?

The huge quantities of imported gold and the expected ambiguity surrounding them amid the penalties, further charges of violations.

Yashar Soltani, an independent Iranian investigative journalist, occupied the headlines last week after claiming that more than 61 tons of gold were “missing” and had not been presented in the market.

He also pointed out that the gold currencies are sold at inflated prices and enhanced Long -term accusations By local politicians and economists against successive Iranian governments, they are manipulating rates to enhance short -term gains.

The central bank issued a short statement to reject the claims without clarification, saying only that it will follow up a legal issue against the journalist through the judiciary.

The government media rushed to defend the gold strategy for the authorities, as the government -run IRNA argues that it makes sense to sell parts of gold reserves in the central bank because they provide rapid liquidity under the sanctions.

https://www.aljazeera.com/wp-content/uploads/2025/03/AFP__20250303__36Z886V__v1__HighRes__IranPoliticsEconomy-1741863380.jpg?resize=1920%2C1440

2025-03-13 11:41:00

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