Iran lifts restrictions on sugar imports

Business Materials 13 March 2020 16:03 (UTC +04:00)
Iran lifts restrictions on sugar imports

TEHRAN, Iran, March 13


Sugar importers in Iran are now able to clear their goods from the customs without having a Government Trading Corporation license, the CEO of Government Trading Corporation of Iran Yazdan Seif said in a letter to the head of Iran's Customs Administration, Trend reports via ILNA.

The decision is reportedly being made due to change in priorities for imports and exports of the country.

Due to halt of allocation of foreign currency at the official rate (42,000 rials per US dollar) for imports of sugar, its import restrictions will be lifted.

Secretary of Iranian Sugar Factories Syndicate, Bahman Danaie has recently told Mehr News Agency that this decision will lead to increase in sugar prices in the country.

"This is not a good time to remove the allocation of foreign currency at official rate to import this essential commodity,” said Danaie in an interview with Mehr News Agency.

“This decision in the interest of production and industry, but it will create a severe shock in the market on the verge of Nowruz and Ramadan," he said.