"The government plans to give up to $3.5bn from its share of oil and gas proceeds to a network of trustees to import essential goods. These imports will be bought at an official exchange rate of 285,000 rials per US dollar, much lower than the open-market rate of 1.55 million rials per dollar."
"As worries about the future rise and purchasing habits change, the government is moving to ensure the availability of food and medicines in an effort to ease the mounting pressure the war is placing on the Iranian people."
"The rationale at the time was that the subsidised rate virtually created a nontransparent system that for years propagated corruption without meaningfully reducing prices for average Iranians."
Life in Tehran is returning to normal, with markets and shops reopening despite ongoing economic pressures from conflict. Customers are cautious, focusing on basic needs. The government is implementing measures to ensure food and medicine availability, including restarting a preferential exchange rate for essential imports. This decision involves allocating up to $3.5 billion from oil and gas proceeds to import goods at a significantly lower exchange rate than the market. This marks a partial reversal of previous budget proposals aimed at eliminating subsidized currency rates.
Read at www.aljazeera.com
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