Businesses halt due to USD crisis

Iran newspaper writes that the foreign currency crisis has caused many businesses to halt sales. The trend began with household appliance retailers which presented the excuse that due to limitations in supplying foreign currency, they will be unable to restock goods. Now, automotive importers have joined the fray. Since March 2018, auto import tariffs were increased by 30% to 40% which caused huge challenges in this market. Iran writes that these days the import of automobiles has all but ceased; the only people seeking import are those who have either registered their orders in previous months or have vehicles left in customs. Although the law states that importing up to 10% of domestic production is permitted, last year only 70 thousand automobiles where imported while production was at 1.2 million vehicles. Now, ambiguities in the currency market have added to the problem of the tariffs.