Iran Auto Parts Industry Under the Cosh

Few days after the introduction of government's new forex policy, local parts makers have expressed deep concern over the fate of their business.
Parts makers are of the opinion that the updated policy can do more harm than good to the beleaguered sector, wrote local automotive website Asbe Bokhar.
The newly appointed Central Bank of Iran governor Abdolnasser Hemmati announced the latest state monetary policies last week, as a means to heal the hobbled forex market, by putting forward a rescue policy as per which the government no longer grants subsidized US dollars at the exchange rate of 42,000 rials to imported items, except for essential goods and medicines. Auto parts and the raw materials used by local manufacturers are not considered essential.