Mobile  |  About us  |  Photos  |  Videos  |  Subscriptions  |  RSS Feeds  |  Today's Paper  |  Classifieds  |  Contact Us
The Daily Star
FRIDAY, 18 APR 2014
08:59 AM Beirut time
17 °C
Blom Index
Middle East
Follow this story Print RSS Feed ePaper share this
Iran freezes import of 'luxury goods': reports
Agence France Presse
A picture taken on January 23, 2012, shows Iranians walking past a currency exchange store in Tehran. AFP PHOTO/ATTA KENARE
A picture taken on January 23, 2012, shows Iranians walking past a currency exchange store in Tehran. AFP PHOTO/ATTA KENARE
A+ A-

TEHRAN: Iran has frozen the import of more than 2,000 products deemed "luxury goods" to address a shortage of foreign currency caused by Western sanctions, media reports said Thursday quoting trade officials.

According to partial lists published by various media, the products include various brands of cosmetics, confectionery, clothing and jewellery as well as cars, construction materials, computers and cellphones.

The measure could save Iran $4 billion a year, deputy trade minister Hamid Safdel said, while confirming the ban on some commodities which could be made locally, the government-run Iran daily reported.

Safdel said import of certain items, such as computers and cellphones, could be restored should the Iranian industry fail to provide them.

Under harsh Western sanctions over its controversial nuclear activities, Iran is struggling against what it calls an "economic war" and to cope with punitive measures targeting its vital oil revenues and access to global financial systems.

The sanctions have caused a shortage of foreign currency in Iran, sparking the collapse last month of the Iranian rial and sending inflation soaring.

Due to sanctions imposed on the banking sector, Iranian imports have declined by over 10 percent to $26 billion in the six-month period from March 2012 compared to the same period last year, according to official figures.

Most imports in the period comprised raw materials, intermediate product and industrial spare parts.

Consumer products, including those deemed as luxury by the trade ministry, accounted for nearly 28 percent of total imports in the six-month period, the figures show.

Home Middle East

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus

Baabda 2014
Follow us on Facebook Follow us on Twitter Follow us on Linked In Follow us on Google+ Subscribe to our Live Feed
Pictures of the day
A selection of images from around the world- Thursday April 17, 2014
View all view all
Rami G. Khouri
Rami G. Khouri
Silencing Ayaan Hirsi Ali’s hate talk
Michael Young
Michael Young
Why confuse gibberish with knowledge?
David Ignatius
David Ignatius
Putin will keep rolling, until Obama says no
View all view all
Click to View Articles
Privacy Policy | Anti-Spamming Policy | Disclaimer | Copyright Notice
© 2014 The Daily Star - All Rights Reserved - Designed and Developed By IDS