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15-29 age range), stood at 25.9%, 2.6% up year on year. Despite the many times the government has stressed the need to boost employment, overall youth unemployment has risen more than 5% in the past three years.
The minimum monthly salary in Iran stands at IRR9.3mn ($240), while the average monthly salary stands at IRR23.3mn ($617) per month, according to a report from the Financial Tribune on April 15. The report shows that living conditions in the country have improved following several years of a drop in the quality of life, due to the removal of sanctions.
The average Iranian earns IRR278.8mn ($7,416) per annum. However, the report noted the average family spends on average 262.3mn ($6,978) per year so little is made in savings. The report also added that the average household consists of 3.4 members and that families of four now account for 30.4% of the society. The majority of families (59.8%) have only one breadwinner. Housing costs account for the biggest slice of income expenditure.
5.0 External Sector & Trade
5.1 Balance of payments and current account
Iran to ban import of 1,399 items as country moves back towards “resistance economy” under sanctions pressure
The Iranian government has drawn up a list of 1,339 items that it will soon be illegal to import into Iran in a move designed to protect domestic manufacturers and halt outflows of foreign currency amid the economic pressure caused by highest-level US sanctions, Iraqi Kurdistan’s Rudaw reported on June 24.
With Iran now under sustained economic pressure from Washington that is forcing many foreign traders and investors threatened by secondary sanctions to give up business relating to the country, the Iranian rial (IRR) has lost 109.7% in its value against the US dollar since January 1-June 25.
The evolving situation indicates Tehran is moving back towards running a “resistance economy” designed to conserve foreign exchange reserves and attain as much self-sufficiency as possible in the manufacturing of products.
The Rouhani government has lashed out at certain regional countries—a phrase commonly taken to particularly refer to regional arch-rival Saudi
16 IRAN Country Report November 2018 www.intellinews.com