Iranian Government Throws a Lifeline to Tire Companies

Tire companies are to be provided with subsidized foreign currency at a faster pace, with the government raising the status of their raw material imports to ‘high priority’.
In a move to preserve its foreign reserves, the government introduced a multitier system for allocation of subsidized foreign currency for imports.
The raw material used by the tire industry was in the secondary priority list. In a letter to the Central Bank of Iran, the new Industries Minister Reza Rahmani called for raw materials for the tire industry to be elevated to the ‘high priority list’.
In the letter which is address to the CBI’s chief Abdolnaser Hemmati, the Industries Minister has called on the central bank to take immediate action to ease imports of raw materials needed for tire production.