Iranian ministry blocks import of 400 luxury goods

Azerbaijan, Baku, March 1/ Trend M. Moezzi

Iran's Trade Ministry has banned the import of 400 types of luxury goods to support domestic production, ISNA reported.

The ministry shows no record of importing these goods last year, said Hamid Safdel, a deputy trade minister. This means that Iran either doesn't need these products or they are produced domestically.

However, with the dollar's sharp growth in value against Iran's currency, the rial, some have tried to order the products, said
Safdel.

To help protect domestic production, the ministry has decided to block the goods' entry into Iran. The banned products fall into the "nonessential" and "luxury" categories.

Luxury goods are exempt from receiving the official exchange rate of 12,260 rials to the dollar.

In late January, the Central Bank of Iran set a single rate, 12,260 rials, for the dollar.

The measure was designed to stabilize Iran's foreign currency markets which had seen a sharp increase in the dollar's value against the rial in the face of tough new international sanctions against Iran.

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