Tehran ramps up gold import amid global economic uncertainty

Iran has been importing large amounts of gold in recent months as it braces for further economic strain under the United States' "maximum pressure" campaign.

For over a decade, Iran has relied on gold as a financial safe haven amid ongoing economic challenges worsened by sanctions linked to its nuclear program and regional activities.

However, as Al Jazeera points out, the administration of President Masoud Pezeshkian, who assumed office after last summer’s election following his predecessor’s fatal helicopter crash, has significantly increased gold imports in response to mounting pressure from US President Donald Trump.

By January 19, the country had imported at least 81 metric tonnes of gold bullion, according to its customs administration. This marked an increase of over 300 percent in value and 234 percent in weight compared to the same period the previous year. In late February, new customs chief Foroud Asgari announced that gold imports tied to export earnings had exceeded 100 tonnes but did not provide additional details. This would represent a more than threefold rise compared to the previous year’s total of 30 tonnes.

Central bank chief Mohammad Reza Farzin stated in December that 20 percent of Iran’s foreign currency reserves had been converted into gold, making Iran one of the global leaders in gold-to-foreign-exchange ratios.

Last month, Mohammad Ali Dehghan Dehnavi, Head of Iran’s Trade Promotion Organization, acknowledged the country’s trade balance remains negative this year, primarily due to increased gold imports. The article notes that Iranian officials have not revealed the source of the gold imports or what commodities were exchanged to obtain them.

The heightened emphasis on gold extends beyond the government, which has been trying to fill budget gaps by significantly raising taxes. Iranians have long sought protection against their depreciating currency by investing in foreign currencies and gold, particularly in central bank-minted coins. Authorities have also ramped up efforts to promote gold purchases in recent months. Numerous services and apps have emerged, with extensive advertising campaigns urging citizens to convert their savings into gold, even in small amounts as low as the equivalent of $1.

By Nazrin Sadigova