The Central Bank of Iran (CBI) has set aside $10 billion to support domestic production, according to a senior Iranian official.
Deputy Minister of Industry, Mines and Trade Mahdi Sadeqi said the move is aimed at making the local market more accessible to domestic producers.
“A major part of the foreign currency problems of producers have been settled over the past two months,” he said.
He added the ministry has adopted policies to further encourage foreign investment in the country.
He said one of the priorities of the ministry is to boost national brands.
Sadeqi noted several domestic producers of household appliances are designing new products to be able to compete with foreign commodities on world markets.