Gold bullion imports fetch $140m in foreign investment: ICE
Iran attracted more than $140 million in foreign investment through the import and sale of standard gold bullion after a cabinet decision in October eased restrictions on such transactions, a spokesman for the Iran Center for Exchange of Currency and Gold (ICE) said on Saturday.
“Following the cabinet’s resolution in October to facilitate imports of standard gold bullion by foreign investors, more than $140 million in foreign investment has been channeled into the economy through bullion imports and sales at the exchange center,” spokesman Asghar Balsini said, IRNA reported.
According to the center’s latest data, foreign investors have imported and sold 488 kilograms of standard gold bullion since October, Balsini said.
He added that the imports were carried out under this year’s cabinet resolution, which lifted restrictions on the entry of standard gold bullion by foreign investors and authorized trading through the Iran Center for Exchange of Currency and Gold.
“Under this framework, 21 foreign companies have imported gold as foreign investors and, after offering it at the exchange center’s in-person auctions, reinvested the proceeds in priority economic projects,” Balsini said.
He said the investments have been directed into petrochemicals, copper, steel and base oil sectors, calling the move a step toward attracting foreign capital, strengthening the standard gold market and supporting sustainable economic growth.
“The implementation of this mechanism shows that easing restrictions on standard gold bullion imports has, in the short term, helped generate capital inflows and support the production sector,” Balsini said, adding that continued implementation could lead to greater foreign participation in other infrastructure projects.