Appliance prices up by 15 percent in Iran

Business Materials 3 March 2012 14:30 (UTC +04:00)

Azerbaijan, Baku, March 3 /Trend M. Moezzi/

In the last two months, prices for household appliances have gone up between 5 to 15 percent in Iran, Fars news agency report an industry association official saying.

Household appliance sellers aren't eligible for buying dollars at the government set rate of 12,260 rials, because the appliances aren't considered basic goods, said Javad Noforsati.

Manufacturers have problems getting credit and can't make any promises about appliance prices even for the near future.

Lack of access to cheaper dollars, talks of increasing workers' salaries 15 to 20 percent, the likelihood that energy prices will go up, and higher prices for raw materials have all played a role in driving up prices, said Mr. Noforsati.

In late January, the CBI 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.