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Iran to launch tiered exchange rate for imports

The Iranian government is set to introduce a three-tiered exchange rate system to purchase different classes of imports, in what analysts say as an indication that the government's stores of hard currency are coming under pressure from Western sanctions, Reuters has reported. The government will provide dollars at the official rate to import "basic goods," and a rate of 15,000 rials to the dollar for "capital and intermediate goods," according to a report by ISNA. Luxury goods such as "cars and dolls" will be imported using dollars bought at the free market rate, which means their price will likely go up drastically inside Iran, the report said.