BREAKING NEWS

Iran withdraws cheap dollars for most imports

By REUTERS

APRIL 24, 2013 14:43

DUBAI - Iran has stopped providing subsidized dollars for the import of most basic goods, Iranian media reported, a move that could push soaring consumer prices even higher in the run-up to a presidential election in June.

The Iranian rial has lost two-thirds of its dollar value since late 2011 as a result of Western sanctions targeting the banking system and oil exports over Iran's disputed nuclear activities, putting many Iranians under financial pressure.

Now trading at around 35,000 rials to the dollar, the currency's slump has fuelled inflation by increasing the price of imported goods.

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