Iran banned imports of more than 1,300 kinds of goods that could be manufactured in Iran on Wednesday, leading to public outcry.
Iran’s Minister of Industries, Mining and Trade Mohammad Shariatmadari announced the ban on goods including apparel, furniture and machinery in an official letter, reported Financial Tribune. The extremely low value of Iran’s currency coupled with the ban announcement led to angry protests that have subsided as of Monday, reported Reuters.
The ban comes more than a month after U.S. Secretary of State Mike Pompeo announced “the strongest sanctions in history” if Iran does not meet a list of 12 demands from Washington, D.C., on May 21. The import ban could enable Iran to fall back into its self-contained “resistance economy” model, reported Reuters.
Not only did Iran ban future imports of these goods into the country, but it also halted orders already placed for those imports, reported Financial Tribune. (RELATED: Iranian Politician Discusses Facilitation Of 9/11 Hijackers)
Iran’s currency, the rial, is worth half of what it was at the end of 2017. Then, the rial was 42,890 against the dollar. It fell to 90,000 against the dollar in the “unofficial market” Monday.
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