Tehran, Iran, Jan.3
Trend
Iran Customs and Ministry of Industry, Mine and Trade will release 13,000 cars that have been held at customs.
The Supreme Council of Economic Coordination recently decided to allow the release of stuck up cars at Iran customs and ports, Trend reports citing Tasnim.
It is expected that the release of imported cars will allow to reduce the high prices in the market.
The decision to release the cars would also bring back $3.55 billion income from the registration of held up cars.
A report by the Ministry of Industry, Mine and Trade shows that $122 million from Iran bank sources has been allocated to car imports during the first three months of current Iranian year (March 21,2018).
Around 14,000 imported vehicles are currently being held at Iran's ports and customs.
Following the US President Donald Trump’s decision to pull out from the 2015 Iran nuclear deal in May, Iranian government started taking measures to deal with the looming sanctions, one of which was prohibiting car imports and luxury goods due to declining currency reserves and allocating foreign currency to import of basic goods instead.