Iran bans imports of over 1,300 products to prepare its economy to deal with US sanctions

NewsBharati    26-Jun-2018
Total Views |

Tehran, June 26: In order to prepare its economy to resist threatened US sanctions, Iran has banned imports of over 1,300 products, following public protests against the plunge of its currency to a record low.


 

In a local media of Iran, an official document was quoted saying, Industries and trade minister Mohammad Shariatmadari slapped the import ban on 1,339 goods that could instead be produced within the country.

In view of rising prices and plummeting value of Iran's currency, thousands of traders of Grand Bazaar in Tehran held a huge protest and also gathered in front of parliament on Monday.

Under heavy pressure from the U.S. sanctions threat, Rial sank as low as 90,000 against the dollar on Monday. It was the biggest protest in Tehran since 2012 after U.S. President Donald Trump decided to withdraw from world powers’ deal with Iran on its nuclear programme.

The economic sanctions were lifted after the deal was implemented in 2016, but President Donald Trump announced in May that the US was abandoning it.

The order suggests the U.S. sanctions threat is pushing Tehran back toward running a “resistance economy” designed to conserve foreign exchange reserves and become as self-sufficient as possible in many products.