BREAKING NEWS

Iran subsidizes exchange rates for half its imports

By REUTERS

APRIL 5, 2012 17:03

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.

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