Car Prices in Iran Expected to Go on a Bullish Run

Reporting "Asrekhodro", n light of the massive disturbance in Iran's forex market, automotive industry insiders are anticipating that car prices will skyrocket when the Competition Council gives the green light to producers to jack up prices.

Since last December, the market has been in a state of upheaval as the US dollar exchange rate jumped to unprecedented levels several times before the government of President Hassan Rouhani stepped in and unified the rate at 42,000 rials to put an end to the raging market.

As with every year, new prices for vehicles will be updated in the next two months and the public is distraught over a possible surge in prices.

For increasing the prices, producers need to obtain the assent of the Competition Council—a government-backed body that monitors, and in some cases sets, prices of local products including cars.