Iran will cut imports of non-essential goods as the country struggles to cope with Western economic sanctions. The government also asked its citizens to stop their purchase of foreign-made mobile telephones and cars.
Authorities have divided imports into 10 categories based on how essential they are, and will provide importers with dollars at a subsidized rate to buy basic goods, said Deputy Industry Minister Hamid Safdel. (ISNA, 14 October)
The newly established foreign exchange center will supply the country’s petrodollars to designated importers at cheap rates of roughly 25,000 rials per dollar.
On Sunday, the rial was trading in the open market at around 34,000 to the dollar, near its historic low.