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Iran bans luxury vehicle imports to prioritize economic car

Updated 3 times since CLSTR started tracking revisions of this situation.

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2026-09-30 11:44 UTC → 2026-09-30 12:06 UTC · added removed

Iran disputes and bans luxury car vehicle imports to prioritize economic car

The Central Bank of Iran has moved to restrict currency allocations for luxury car imports to combat speculation and rent-seeking. The bank informed the Ministry of Industry, Mine and Trade that it will refuse to issue SATA codes—essential for customs clearance—if current import practices continue. This intervention follows reports of a black market where individuals exploit residency card loopholes to bypass import restrictions. The bank aims to protect national foreign exchange resources and prevent capital outflows driven by the high-profit potential of importing luxury models such as the Lexus LX700 Hybrid, BMW 735, and Mercedes-Benz S-Class. A dispute has since emerged between the Central Bank and importers regarding the prioritization of foreign exchange resources. Mehdi Darabi, assistant to the Governor of the Central Bank, stated that car imports are not a priority under current resource constraints. He argued that even when importers use external funds from Iranians living abroad, the domestic sale of these vehicles eventually drives demand for foreign currency to cover profits and taxes. Hadi Malekan, head of the Car Importers Association, countered that the government state is responsible for setting import rules. He noted that because the state collects rules and collecting revenue through tariffs and taxes, it is inconsistent to blame importers for the resulting pressure on foreign exchange reserves, maintaining that policymakers control import ceilings and regulations. tariffs. Following these tensions, President Massoud Pezeshkian has ordered a ban on luxury car imports to address economic challenges and curb the outflow of foreign exchange reserves. The decision aims Minister of Industry, Mine and Trade confirmed that this restriction applies to redirect funds toward more urgent imports all luxury imports, including models such as the BMW 7 Series, Toyota Land Cruiser 300, and essential supplies, while Prado. Notably, the ban also addressing a trend where wealthy citizens use expensive extends to vehicles as investments intended for import by Iranians residing abroad. While fewer than 1,000 used vehicles are currently held at national customs, experts suggest their entry into the market may have a limited impact on price moderation due to the relatively stable prices scale of used cars. the automotive market. The decision is expected to affect customs revenues and the activities of companies in the import sector.

Versions

  1. 2026-09-30 12:06 UTC Iran bans luxury vehicle imports to prioritize economic car
  2. 2026-09-30 11:44 UTC Iran disputes and bans luxury car imports
  3. 2026-09-26 09:22 UTC Central Bank of Iran disputes car import priority
  4. 2026-09-19 13:10 UTC Central Bank of Iran currency allocation restrictions

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