ERBIL, Kurdistan Region – Iran has prepared a list of 1,339 items it will soon cease to import in order to protect domestic producers and manage the outflow of currency as the nation braces for fresh US sanctions.
Mohammad Shariatmadari, Iran’s minister of industry, mines and business, announced the bans on Saturday, according to Tasnim news agency.
Iranian authorities are bracing for the return of US sanctions. On May 9, US President Donald Trump withdrew from the 2015 Iran nuclear deal, sending shockwaves through the Iranian economy.
One May 21, Mike Pompeo, the US secretary of state, announced a list of 12 demands of Iran, promising “unprecedented sanctions” if the Islamic Republic does not stop its nuclear program and regional adventurism.
Since the US decision to withdraw from the nuclear deal, several multinational companies have announced the suspension of operations in Iran, including the French oil company Total, the world’s largest container shipping company Maersk, and multinational airplane producers Airbus and Boeing.
In the last six months, Iran’s currency has lost more than 50 percent of its value. Iranians have reacted by trying to invest in dollars and gold. The price of some items, like cars and gold coins, has increased 10-20 percent.
Some Iranian activists, like footballer Ali Karimi, took to social media to dispute the inflation rates, calling on Iranians not to buy any expensive items for one month.
The Iranian government is trying to restrict demand for dollars by putting a ban on “unnecessary” and “lucrative” foreign items and could be bought from local producers.
Banned items will include clothes, sugar, cars, shoes, makeup and pharmaceuticals.
Iran has also imposed new regulations on travel to control the outflow of dollars. Iranians have to pay an exit fee when leaving the country, which is liable to increase.
According to Eghtesad News, Iranians crossing land-borders with neighboring countries for the first time have to pay 220,000 toman. A second visit will cost them 330,000 toman, and a third time 450,000 toman.
The fees are designed to discourage Iranians from travelling and spending money abroad.
Although the Islamic Republic has long experience of managing external sanctions, a new squeeze on the economy could lead to more social and political unrest.
Mohammad Shariatmadari, Iran’s minister of industry, mines and business, announced the bans on Saturday, according to Tasnim news agency.
Iranian authorities are bracing for the return of US sanctions. On May 9, US President Donald Trump withdrew from the 2015 Iran nuclear deal, sending shockwaves through the Iranian economy.
One May 21, Mike Pompeo, the US secretary of state, announced a list of 12 demands of Iran, promising “unprecedented sanctions” if the Islamic Republic does not stop its nuclear program and regional adventurism.
Since the US decision to withdraw from the nuclear deal, several multinational companies have announced the suspension of operations in Iran, including the French oil company Total, the world’s largest container shipping company Maersk, and multinational airplane producers Airbus and Boeing.
In the last six months, Iran’s currency has lost more than 50 percent of its value. Iranians have reacted by trying to invest in dollars and gold. The price of some items, like cars and gold coins, has increased 10-20 percent.
Some Iranian activists, like footballer Ali Karimi, took to social media to dispute the inflation rates, calling on Iranians not to buy any expensive items for one month.
The Iranian government is trying to restrict demand for dollars by putting a ban on “unnecessary” and “lucrative” foreign items and could be bought from local producers.
Banned items will include clothes, sugar, cars, shoes, makeup and pharmaceuticals.
Iran has also imposed new regulations on travel to control the outflow of dollars. Iranians have to pay an exit fee when leaving the country, which is liable to increase.
According to Eghtesad News, Iranians crossing land-borders with neighboring countries for the first time have to pay 220,000 toman. A second visit will cost them 330,000 toman, and a third time 450,000 toman.
The fees are designed to discourage Iranians from travelling and spending money abroad.
Although the Islamic Republic has long experience of managing external sanctions, a new squeeze on the economy could lead to more social and political unrest.
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