BREAKING NEWS

Report: Iran bans export of 50 goods as sanctions bite

By REUTERS

OCTOBER 30, 2012 12:54

DUBAI - Iran banned the export of around 50 basic goods, its media said on Tuesday, as the country takes steps to preserve supplies of essential items in the face of tightening Western sanctions.

The Islamic Republic is under intense financial pressure from US and European trade restrictions imposed over its disputed nuclear program.

The bans have led to a sharp drop over the past year in its oil exports, a major source of hard currency earnings and revenues for the government.

The Iranian rial currency has also plunged over fears the central bank will not be able to defend its value, making imports more difficult and more expensive.

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