Financial Tribune - As per the decision of Market Regulation Headquarters on June 4, customs duties on rice imports have decreased from 25% to 10%, Fars News Agency reported.

Since March 20, the government has discontinued the allocation of foreign currency at the subsidized rate of 42,000 rials per dollar for importing rice. It has instead called on importers to meet forex requirements from the export earnings of non-oil products (petrochemicals, steel and minerals) traded through the so-called secondary FX market that has exchange rates closer to the free market rates.

The decline in rice import duty aims to prevent a surge in prices; 1 kilogram of Grade A imported rice was sold at 119,863 rials ($0.67) during the month ending May 20, registering a month-on-month increase of 16% and a year-on-year growth of 34%, the Statistical Center of Iran reported.