42075
Butter, Chicken Imports Restricted
Economy, Domestic Economy

Butter, Chicken Imports Restricted

Iranian traders will not be allowed to use preferential exchange rates for importing butter and frozen chicken, as per a new regulation passed by the Trade Promotion Organization of Iran, affiliated with the Ministry of Industries, Mining and Trade. Multiple foreign exchange rates are at work in Iran, meaning the central bank offers a rate at a discount compared to the open market rate for “essential” imports and exports, and current account transactions.  Other than that, there is the unofficial (market) rate, which is set higher than the official one. The new regulation will reduce the profit margin for importers of chicken and butter whose global prices have recently declined, among many other food and consumer products. “Butter, like many other foodstuffs, has experienced a fall in prices in global markets, while in Iran, the price has remained intact,” Mohammad Reza Mollasalehi, an official with the Ministry of Agriculture, was quoted as saying by ISNA. “Butter importers earn big with profit margins exceeding 75%,” he added. Some 40,000 tons of butter were imported during the last fiscal year (March 2015-16), according to Mollasalehi, in spite of huge surplus in the domestic dairy sector. TPOI’s Import and Export Regulation Office is in charge of revising the list of commodities entitled to preferential exchange rates. The body earlier excluded steel and some materials used in textile manufacturing from the list of recipients of lower rates, as a non-tariff policy to keep imports in check and support domestic manufacturing.

Short URL : http://goo.gl/wC5yX9
  1. http://goo.gl/ruCvnL
  • http://goo.gl/PKIWq1
  • http://goo.gl/OsAkvK
  • http://goo.gl/tQ150j
  • http://goo.gl/2sO1jG

You can also read ...

Massoud Karbasian (1R), sitting across his Indonesian counterpart Sri Mulyani Indrawati in Washington, DC.  
Iranian Minister of Economic Affairs and Finance Masoud...
Frederica Mogherini, high representative of the European Union, will visit the United States in November to persuade administration officials not to abandon the Iran nuclear agreement.
European politicians treated US President Donald Trump’s new...
The first train to connect China and Iran arrived in Tehran in February 2016 loaded with Chinese goods, reviving the ancient Silk Road.
China is calling on the United States to preserve the Iran...
Italy's Ansaldo Set to Produce Power From Iran's South Pars Gas Flares
Italy's Ansaldo Energia signed a memorandum of understanding...
TCCIM Director Masoud Khansari (C) made the keynote speech at the latest gathering of the influential business body on Oct. 17. (Photo: Saeed Ameri)
Tehran Chamber of Commerce, Industries, Mines and Agriculture...
$7.5b in Loans to for Industries
The Iranian government is extending financial support to...
NSFund Helping Knowledge-Based Firms Growth, Export Agenda
Government-backed Innovation and Prosperity Fund (NSFund) has...
Int’l Animal Feed Producers to Visit
Board members of the International Feed Industry Federation...

Trending

Googleplus