Thursday, July 28, 2016


Iran

Iranian Official: Lack Of Hard Currency Has Halted Imports

A currency exchange dealer sits at his shop as he waits for customers in Tehran's business district.
A currency exchange dealer sits at his shop as he waits for customers in Tehran's business district.
An Iranian official says the country has halted imports due to the lack of hard currency.

Iranian news media is reporting that Majid Reza Hariri, the head of the commission on imports for Iran's Chamber of Commerce, discussed the problem on July 28.

He reportedly said that over the past 25 days, no hard currency had been allocated for imports because of a dispute between the Central Bank and the Commerce Ministry.

Hariri warned that if the disagreement was not resolved, Iran would face severe shortages in basic foodstuffs and medicines.

Exporters are only accepting hard currency from Tehran because of the plummeting value of Iran's rial.

The Customs Administration revealed on July 28 that Iranian imports had decreased by around 26 percent in the past four months.

Iran's economy has been hit hard by Western and UN sanctions.

Based on reporting by ISNA and Trend.az

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