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Iran's Flirtation with Luxury

[The National-Abu Dhabi] Maryam Sinaiee - Iranians may have to rein in their new taste for such luxury goods as imported cars and brand name watches as falling oil prices compel the government to consider curbing expensive imports. The value of luxury imported cars is expected to amount to $2b this year, up 95% from the previous year despite high import taxes and tariffs that increase the cost of imported cars by 100%. Critics say by keeping the national currency artificially strong, the government has been subsidizing and encouraging imports at the cost of damaging domestic production and wasting oil revenues.
2008-10-23 01:00:00
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