Iran - List of Subsidized Imports Gets Longer

EghtesadOnline: Seventy-five new items have been included among essential goods that can be imported by receiving foreign currency at the subsidized rate.

News ID: ۷۸۳۹۱۶

05 September 2018

This has been announced by Minister of Industries, Mining and Trade Mohammad Shariatmadari in a letter to the Central Bank of Iran’s Governor Abdolnasser Hemmati on Monday.

Raw materials for paper, rubber, pencil lead, butter and baby formula, as well as machinery for the dairy and packaging production are among the new items, IRNA reported.

In early August, right after the implementation of new forex policies, the government announced 25 categories of products that could be imported with subsidized foreign currency to prevent any possible shortage, Financial Tribune reported.

Importers of these items could enjoy subsidized foreign currency at the rate of 42,000 rials per dollar.

Formerly, rice, wheat, poultry, egg, fertilizers, seeds, raw sugar, oil, soybean, heavy tires, publication paper, tea, pharmaceuticals, medical equipment and machinery used for the production of essential goods were categorized among these imports.

Importers of other products should provide their foreign currency from the export earnings of non-oil products (petrochemicals, steels and minerals) traded through the Secondary Forex Market at rates closer to the open market rate.