Iran bans luxury imports

Last updated 05:00 09/11/2012

Relevant offers

World

Funds raised for two-year-old boy, who drowned in a water tank Dog refuses to leave master's coffin after Italy earthquake Video shows moment a four-year-old child was 'thrown from a bridge by a stranger' in US Girl's typically teenage fury at parents after safari scare The world's oldest man: Indonesian believed to be 145 What could a future Trump TV venture look like? Tune in here Debris found off coast of Mozambique adds to MH370 plane crash theory FARC sets permanent cease-fire under Colombia peace deal Spotted: Milky Way-sized 'ghost' galaxy made almost entirely of mysterious dark matter Hen's party rescued after boat stuck in mud in UK

Sanctions-hit Iran has banned the import of foreign-made cars, laptops, and other 'luxury' goods in the hope of saving billions of dollars in hard currency, a state-owned newspaper reported Thursday.

The reported import ban comes as Iran confronts oil and banking sanctions imposed by the West over Tehran's nuclear programme that have hit Iran's own currency hard and depleted its foreign reserves.

IRAN daily listed 75 products, from watches, home appliances and cell phones to coffee and toilet paper, that it said could no longer be purchased from abroad. But it says the ban does not apply to components used to produce the products. Iranian firms assemble many products including watches, laptops and cell phones.

The report quotes Hamid Reza Safdel, who is head of the Iranian state agency for promoting commerce, as saying import permission for the goods were no longer issued starting on Wednesday. Some goods already approved for import will still enter the country.

Another Commerce Ministry official, Sasan Khodaei, told the newspaper that he expected some products such as laptops and cell phones would soon be removed from the list, since they were either not produced domestically at all, or domestic production did not meet demand.

Iran imported 40,000 cars in 2011. Cell phone lines total 90 million.

The newspaper says the ban can save $4 billion annually. Critics say it will boost smuggling from neighboring countries, which according to officials now comprises $15 billion worth of goods annually.

The sanctions are imposed over Iran's nuclear programme, which the West says is aimed at weapons development. Iran denies the charge, saying its nuclear activities are aimed at peaceful purposes like power generation and cancer treatment.

Ad Feedback

- AP

Special offers

Featured Promotions

Sponsored Content