Iran subsidizes exchange rates for half its imports

April 5, 2012 17:03


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


DUBAI - Iran's government will provide subsidized foreign currency for around half of all goods imported into the country this year, according to a state news agency report on Thursday, after new sanctions against the state slashed the value of its rial.

The country's central bank banned free market trading in currency in January, seeking to fend off soaring inflation and further devaluation spurred by international sanctions imposed against Iran's financial and energy sectors.

Over $30 billion would be made available by the government to importers at the fixed rate, based on the previous year's figures for imports, state news agency IRNA quoted a trade official as saying.

"On average, of the total imports into the country, around half consist of raw materials, automobile spare parts, intermediary machinery and the like," said Kiomars Fathollah Kermanshahi, deputy director of the state-run Trade Promotion Organization.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
November 20, 2018
Two killed in shooting at Chicago hospital, including gunman