Iran Delegates Import Powers Amid Ongoing US Economic Uncertainty

Tehran, Iran – Iranian President Masoud Pezeshkian has delegated some responsibilities to the governors of border provinces and economy minister in an effort to prepare for potential conflict with the United States and Israel. A working group was formed to ensure the flow of essential goods, particularly food, during a possible war.

The governors have been given authority to import goods without using foreign currency, engage in bartering, and allow sailors to bring in products under simplified customs rules. This move aims to balance the market and prevent hoarding, according to Pezeshkian.

The government has also established a state-run market to manage imports and exports, with $2.25 billion worth of foreign currency deals registered recently. Central Bank of Iran chief Abdolnasser Hemmati stated that this figure is “acceptable and considerable.”

However, the situation remains uncertain, with nearly all 90 million people in Iran affected by an ongoing internet shutdown imposed on January 8. The digital blackout has resulted in widespread protests and killings, and traditional shops are struggling to attract customers.

In Tehran’s Grand Bazaar, shopkeepers reported a significant decrease in business activity compared to several weeks ago. The currency rate has also been volatile, with the rial hitting an all-time low of about 1.6 million per US dollar on Wednesday.

A working group was formed to address these challenges, and Pezeshkian’s government is taking steps to mitigate the effects of sanctions and potential conflict.

Source: Al Jazeera