Iran allows import of goods using US dollars

Business Materials 27 November 2012 15:00

Azerbaijan, Baku, Nov.27/ Trend G.Mehdi/

Iranian individuals can embark on importing goods using the dollar acquired through exporting, the banking system, foreign investment, or other common procedures, provided they declare the source of dollars, IRNA quoted Hamid Safdel, the deputy minister of industry, mine, and trade as saying on Tuesday.

This is while the Iranian Customs Administration has banned releasing goods which have been imported using the free market dollar. According to Iranian media, customs will also levy new charges and duties on importation.

On Monday, ISNA reported that the Customs Administration has issued a communique ordering all its departments nationwide to stop releasing goods which had been imported using the free market dollar.

Iranian authorities have divided imports into 10 categories based on how essential they are seen to be and will provide importers with dollars at a subsidised rate to buy basic goods.

Import permission for some luxury goods was no longer being issued until there is a final review, according to reports.

Those goods not produced domestically will be removed from the list of banned items, but most of the named products are produced in the country and there is no need to import them.