Iran bans 1,300 imports to protect rial

DUBAI: Iran is banning imports of over 1,300 products, preparing its economy to resist threatened U.S. sanctions, amid rare public protests against the plunge of its currency to record lows.

Industries and trade minister Mohammad Shariatmadari slapped the import ban on 1,339 goods that could instead be produced within the country, Iran´s Financial Tribune newspaper reported on Monday, quoting an official document.

Prohibited imports include home appliances, textile products, footwear and leather products, as well as furniture, healthcare products and some machinery, the Tehran Times said.

The rial is under heavy pressure from the U.S. sanctions threat. It sank as low as 90,000 against the dollar in the unofficial market on Monday from 87,000 on Sunday and around 75,500 last Thursday, according to foreign exchange website Bonbast.com. At the end of last year, it stood at 42,890. After U.S. President Donald Trump decided to withdraw from world powers´ deal with Iran on its nuclear programme, some U.S. sanctions are to be reimposed in August and some in November.