Iranian Auto Parts Makers Beleaguered

According to a business insider, Iran’s auto parts industry has fallen into stagnation due to soaring foreign exchange rates that make it almost impossible to import key auto parts
Iranian Auto Parts Makers Beleaguered
Iranian Auto Parts Makers Beleaguered

The procurement of raw materials and key components in Iran’s auto parts manufacturing sector has been beleaguered by US sanctions, an industry insider said.
Mohsen Razmkhah added that the sector is stagnating due to soaring foreign exchange prices, which make the import of crucial car parts almost impossible, ISNA reported.
Since the summer of 2018 when the US sanctions were reimposed against Iran, the rial has lost about two-thirds of its value and prices of almost all goods have soared to unprecedented highs. The greenback was trading at 260,000 rials in Tehran on Wednesday, though it hardly fetched 42,000 rials a year earlier.
Criticizing the state’s inept management of the troubled sector, Razmkhah said the loans so far allocated to the industry have served more as temporary sedatives.


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