Bloomberg News

Iran Subsidy Cuts Halted on Currency Fluctuation, Shargh Says

July 04, 2012

Iran’s decision to shelve a plan to further increase energy prices this year is due to fluctuations in the currency market, Shargh reported, citing Economy Minister Shamseddin Hosseini.

The effects of currency fluctuation have become “more serious,” Hosseini said. That’s led the government to hold off on more increases “for the time being,” the newspaper cited him as saying.

The halt doesn’t mean Iran won’t follow through with the five-year program to gradually remove food and energy subsidies that began in December 2010, Hosseini said, according to the Tehran-based daily.

To contact the reporter on this story: Ladane Nasseri in Dubai at lnasseri@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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