Iran’s president replaces trade chief as car prices up 60%

May 11, 2020 GMT

TEHRAN, Iran (AP) — Iran’s president has dismissed its trade and industry minister amid ongoing economic problems that have seen car prices skyrocket by more than 60%.

Iran has been in the grip of a severe economic crisis since President Donald Trump withdrew the U.S. from the 2015 nuclear deal and imposed crippling trade sanctions on Iran.

President Hassan Rouhani appointed Hossein Modares Khiabani as the ministry’s caretaker chief, according to the president’s official website.

The report did not elaborate on why Rouhani dismissed the previous industry minister, Reza Rahmani, but in recent months, the car market in Iran has spiked more than 60%.

Rouhani urged the new caretaker minister to stabilize the car market.

Khiabani has 17 years of experiences working in the Iranian Trade and Industry Ministry.