Subsidized Forex Policy for Imports a Glaring Failure

Soymeal prices in the domestic market have soared by 200% compared to last year, says the head of Food Wholesalers Association, noting that soybean imports are entitled to subsidized foreign currency (at the rate of 42,000 rials per dollar).
“Last year [March 2020-21], each kilo of soymeal was sold at 68,000 rials [$0.24] in the local market, but this year [March 2021-22] it is priced at between 195,000 [$0.69] and 220,000 rials [$0.78] depending on the quality of the product,” Qasem Ali Hassani was quoted as saying by Fars News Agency.
Soybeans are imported as essential goods. After the oil is extracted, the meal is sent to the market for human consumption or as animal feed, he added.