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Iran president instructs government to tackle ‘unreasonable’ high prices

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Tehran, Iran, June 20

By A. Shirazi - Trend:

Iranian President Hassan Rouhani has instructed his administration to take all the necessary measures to combat “unreasonable” high prices in the country, the Iranian administration's spokesman said.

“The government is responsible for meeting the basic needs of people and it will step in whenever people’s interests are at stake,” Mohammad Baqer Nobakht said on June 20, according to Tasnim news agency.

Stressing that the high prices might be a bubble, he said, “The president held a meeting yesterday during which he called upon officials and private sector’s activists to step in and stop the unreasonably high prices in the market”.

Nobakht said that all middlemen and speculators should be aware that the government will not abandon its policy with respect to foreign exchange market and that the value of the US dollar will not go up unreasonably.

Imports of unnecessary goods and those produced inside the country will be halted and the state’s foreign currency will not be allocated to them, he said.

On April 9, Iran unified the country’s official and open market exchange rates after its currency, the rial, plunged to an all-time low on concerns over a return of crippling sanctions.

The US dollar jumped in a day from 54,700 rials to 60,000 rials in the open market in Tehran at the time. A dollar was worth 36,000 rials in mid-September.

After an emergency cabinet meeting, Iran’s First Vice President Eshaq Jahangiri was quoted by the state media as saying that from April 10 the price of the dollar would be 42,000 rials in both markets, and for all business activities.

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