Iran Economy News Iran Central Bank head seeks import reduction

Iran Central Bank head seeks import reduction

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AP: An Iranian state-owned newspaper quotes the country’s Central Bank governor as saying imports should be decreased in response to the sanctions imposed on Iran over its nuclear program.

The Associated Press

TEHRAN, Iran (AP) — An Iranian state-owned newspaper quotes the country’s Central Bank governor as saying imports should be decreased in response to the sanctions imposed on Iran over its nuclear program.

Mahmoud Bahmani was quoted by the Iran daily on Tuesday as saying the focus should be on importing “necessary goods,” and that the sanctions would help boost domestic production.

Iran’s economy has been hard hit because of years of sanctions. Its annual import bill tops $50 billion, and Bahmani’s call appears aimed at cutting expenses.

The U.N. in June imposed a fourth-round of measures that were followed by additional U.S. and EU sanctions over Iran’s refusal to halt its uranium enrichment program.

The West fears Iran’s nuclear program targets weapons production, a claim Iran denies.

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