TEHRAN - Iran's Parliament has authorized the government to lower customs duties on the import of medicines, medical supplies, infant formula, essential goods, and agricultural inputs for the next fiscal year.

During a Sunday session focused on the revenue section of the next fiscal budget bill, lawmakers approved a measure allowing the government to reduce customs tariffs on these items to one percent.

The move is aimed at supporting both producers and consumers amid economic challenges. Items already subject to customs duties below one percent will remain unchanged, according to the approved provision.

The legislation reflects Iran's ongoing efforts to stabilize prices for essential goods and alleviate pressure on households and businesses. The reduction will apply to raw materials, medical consumables, and key agricultural and livestock inputs, among others.

The Central Bank of Iran (CBI) provided $47.375 billion of subsidized foreign currency to importers of basic goods since the beginning of the current Iranian calendar year (March 20) up to November 30.

CBI figures showed that during this period, $9.899 billion was provided for importing basic goods and medicine, $26.116 billion for commercial goods, $981 million for services, and $10.379 billion for imports that have taken place in return for exports of goods or services from Iran.

Basic goods and medicine are imported into Iran at a rate of 285,000 rials per U.S. dollar. The rate is much lower than a market price which is currently hovering around 700,000 rials per U.S. dollar.

That comes as importers can also receive hard currency at a rate applied in CBI’s Forex Management Integrated System, known by its Persian acronym NIMA. The price was 450,937 rials per U.S. dollar on August 17.

EF/