TEHRAN- Iran’s saffron export has risen five percent during the first five months of the current Iranian calendar year (March 20-August 21), compared to the same period of time in the previous year, according to Gholamreza Miri, the chairman of Iranian Saffron Exporters and Sellers Union.

Based on a multilateral memorandum of understanding (MOU) signed between Iran’s Planning and Budget Organization (PBO) and three of the country’s banks on Saturday, 10 trillion rials (about $238.09 million) will be allocated for supporting the saffron industry.

The MOU was signed by PBO’s Deputy Head Hamid Pour-Mohammadi and the managing directors of Agriculture Bank, Mellat Bank, and Export Development Bank of Iran.

Speaking in the signing ceremony, Pour-Mohammadi noted that the mentioned funding will be provided to saffron producers and processors in the form of bank facilities to support the production of saffron and the packing and processing of this product which has been impacted by the outbreak of coronavirus.

According to the official, the interest rate of the mentioned facilities would be 18 percent, of which PBO has agreed to pay three percent.

MA/MA