Iran bans export of 50 goods

Iran banned the export of around 50 basic goods, its media said on Tuesday, as it attempts to preserve essential-item supplies as Western sanctions tighten.

According to news site Trend.az, the country's protection of consumers and producers society sent a letter to its Ministry of Commerce announcing the ban. In terms of food, the list includes wheat, sugar, vegetable oil, sheep, raw meat, corn, soybean, types of imported rice, imported tea and milk. Other items banned from exportation are many types of tires, industrial machinery equipment, imported auto parts, and various specific chemical materials.

The letter also said a further list of banned goods would be announced later.

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Iran has been under extreme financial pressure from the US and European trade restrictions imposed because of its nuclear program, reported Reuters. The bans have led to a sharp drop in the country's oil exports, which are a major source of hard currency earnings and revenues for the government.

The Iranian rial currency has also fallen because of fears the central bank will not be able to defend its value, making imports more difficult and more expensive. The government supplies dollars at a rate of 12,260 rials each for specified priority goods, with dollars costing 32,000 rials on the open market.