Iran should ban imports of luxury and non-essential goods given falls in crude oil prices, central bank chief Mahmoud Bahmani was quoted on Saturday as saying, in a sign the OPEC producer is concerned about sliding oil income.
Officials say Iran’s international isolation means it is more immune than others to the world financial crisis but the governor’s remarks reflect growing concern about one consequence of the turmoil — tumbling oil prices.
The world’s fourth biggest crude exporter and No. 2 OPEC producer has become increasingly reliant on higher oil prices to balance its books. Some analysts say Iran needs its crude at $70 to $75 a barrel to keep its current account in the black.
