BREAKING NEWS

Iran seeks import cuts in response to sanctions

By ASSOCIATED PRESS

AUGUST 25, 2010 12:01

TEHERAN, Iran — Iran's Central Bank governor called for a cut in imports to boost domestic production as the country grapples with tougher international sanctions over its nuclear program, the state-run daily newspaper Iran reported Tuesday.

Four rounds of UN Security Council sanctions and separate penalties imposed by the United States and its European allies have hit Iran's economy as the country battles inflation and unemployment but have failed to persuade the country to halt a key part of its nuclear program.

Central Bank Governor Mahmoud Bahmani said the nation should limit imports to "necessary goods" to help lift domestic production and reduce the amount of hard currency exiting the country.

"Imports should be reduced," Bahmani was quoted as saying. "In other words, we should not allow the import of every sort of product."

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