BREAKING NEWS

Iran car industry suffers as sanctions bite

OCTOBER 17, 2012 02:18

As Iran’s economy continues to feel the effects of ever-toughening sanctions, the country’s conservative media continued this week to report a dramatic downturn in the Islamic Republic’s automotive industry, the country’s second most lucrative after oil and gas.

Conservative news site Shafaf News – close to Tehran Mayor Mohammad Baqer Qalibaf – reported Tuesday that the Iran’s currency crisis has seriously affected the domestic automotive market, despite promises by the government to control the economy.

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