TEHRAN - Iran has imported some 61.5 tons of gold in the eight months to November 20 amid efforts to offset sanctions that restrict the country’s access to the international banking system.

Figures by the Islamic Republic of Iran Customs Administration (IRICA) show that the value of Iran’s gold imports in the mentioned eight months stood at $4.6 billion.

The figures indicate that Iran’s gold imports in the said time span increased by 462 percent and 371 percent in terms of value and volume, respectively, year on year.

Iran has been taking delivery of large gold shipments in the past two years amid a relaxation of gold import rules that are aimed at helping exporters return their proceeds to the country.

A government law adopted in November 2022 allows Iranian exporters of goods and commodities to import gold to pay their hard currency liabilities to the country’s central bank.

The decision was part of a previous government’s efforts to minimize the impacts of US sanctions on Iran’s economy and its access to the international banking system.

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