Iran introduces tiered exchange rates for imports

Iran will introduce a three-tiered exchange rate system to purchase different classes of imports, state media reported on Saturday, in an indication that the government's stores of hard currency are coming under pressure from Western sanctions.

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," reported the Iranian Students' News Agency. (Reuters)