Iran General NewsIran Minister Shocker by $250 Billion Worth of Import...

Iran Minister Shocker by $250 Billion Worth of Import Licenses


Iran minister

Iran Focus

London, 17 August – The Iranian Minister of Industry, Mines and Business has said that fluctuations in the local forex market over the past four months has tripled the number of applications for import licenses, which have now risen to $250 billion.

Minister Mohammad Shariatmadari described the figure as “unbelievable” and described those seeking licences as profiteering individuals who are trying to “fish in troubled waters”, which is believed to be a reference to the current economic crisis facing Iran.

The $250 billion figure is also triple that of Iran’s annual oil income.

These import licenses mean that importers can receive cheaper, subsidized hard currencies (i.e. US dollar, British Pound) from the government in order to import items from abroad and sell them in Iran.

In April, Iran became concerned about rising inflation and artificially set the exchange rate at 42,000 rials to the dollar (while the global exchange rate is over 100,000 rials to the dollar currently), which led to many importers not being able to make a profit on the goods. This lead to more individuals and companies applying for import licenses.

Four months on and Shariatmadari is calling for the process to stop and for more thorough vetting procedures to be put in place before issuing such licences, otherwise he warns that the problem will never be addressed.

These remarks have come at a time when the Islamic Republic’s Police and repeatedly reporting arrests of scores of individuals for “disrupting [the] forex market” and benefitting from subsidized dollars by importing good and selling them based on the global exchange rate, rather than the fixed Iranian one. General Gholamhossein Gheibparvar, a commander in the Basij militia, reported that his forces have discovered warehouses full of cars, rice, and construction materials across the country and arrested a number of people who intended to sell them on.

The spokesman for the Iranian judiciary also said that many individuals have been arrested and several companies closed down, over the alleged abuse of subsidized dollars in the cell phone market.

On July 15, during a weekly press briefing, Gholam-Hossein Mohseni Ejei said: “Documents have been found that show a number of serious violations have been made on the cell phone market.”

Mohammad Javad Azari Jahromi, Iran’s Information and Communications Technology Minister, welcomed this news, but insisted that a significant part of the “violator list” has yet to be published.

Of course, the real problems in the Iranian economy are not caused by individuals, but by the government itself.

Latest news

What Gas Poisonings In Iran Tell Us About The Ruling Regime

For months schools in Iran have been in the crosshairs of gas attacks against the country’s children. The mullahs’...

Iran’s Regime Inches Toward Nuclear Weapons

Iran’s regime is once again at the center of a dangerous escalation of the proliferation of nuclear weapons. A...

US Congress Expresses Support for Iranian People’s Quest for a Democratic, Secular Republic

Several bipartisan members of the U.S. House of Representatives have presented a resolution (H. RES. 100) supporting the Iranian...

Wave Of Poisoning Attacks Against Schools Leave Hundreds Sick

Iran has been shaken for three months by serial poisoning attacks against all-girls schools, which has left more than...

Iranian Security Forces Beat Baluch Doctor To Death

On Thursday, February 23, activists in Sistan and Baluchestan provinces reported the news of the death of Dr. Ebrahim...

World Powers Should Hear The Voice Of Iranians, Not Dictators And Their Remnants

Iran’s nationwide uprising continues despite its ups and down. The clerical system’s demise no longer seems a dream but...

Must read

China’s Thirst for Oil Undercuts U.S. Effort to Rein in Iran

Bloomberg: U.S. efforts to rein in Iran's nuclear weapons...

Iran bans foreign films deemed ‘feminist’ or pro-US

AFP: Iran's Islamic regime has slapped a ban on...

You might also likeRELATED
Recommended to you