UPDATE 1-Iran warns suppliers against overpricing or hoarding goods

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.

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.