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Iran to reduce imports as EU oil embargo begins

Iran's central bank has said the country should reduce its imports of non-essential goods, as the European Union's oil embargo against the Islamic Republic went into effect yesterday, Mehr news has reported. The chief of the central bank Mahmoud Bahmani also said that Iran makes $150bn in annual revenues "which are large enough to counter sanctions." Iran gains $100bn from oil exports and $40bn-50bn from non-oil commodities, Bahmani told reporters in Tehran yesterday. "Oil revenues in the worst situation meet all Iran's needs to $70bn imports," he said.