Iran warns suppliers against overpricing or hoarding goods

Iran's president warned domestic suppliers against hoarding or overpricing goods, state media reported on Thursday, as Tehran rolls out high-stakes subsidy reforms during nationwide protests against economic hardship.

"People should not feel any shortage in terms of goods' supply and distribution," Masoud Pezeshkian said, calling upon his government to ensure adequate supply of goods and monitoring of prices across the country.

Iran's subsidy reform is meant to favour consumers over importers by removing preferential currency exchange rates that allowed importers to access foreign currency at rates cheaper than those available to ordinary Iranians.

According to the policy, Iranians will be given about $7 a month to purchase basic goods in select grocery stores. The price of some basic goods such as cooking oil or eggs has significantly increased since the policy was announced.

-Reuters