Removing the Dollar currency from the process of vehicle registration will have different long-term consequences and it could have a dramatic effect on the import of goods and related industries.
Khodrocar – Last week, it was announced that the companies would no longer able to register the importation of their vehicles with dollar. Yuan and euro currencies will replace it. On the other hand, reducing the duration of car imports from 6 months to 3 months will create new problems for vehicle importers.
According to the experience, the sudden actions of the government in the macroeconomic fields of the country have a significant impact on the economic and industrial sectors, specially the automotive industry. Given that removing the dollar will not bring back the situation and it will not include the registered imported vehicles, what are the consequences of this sudden action?
Ali Shokouhi, an automotive industry expert told Khodrocar regarding the issue: "Globally, US Dollar is the counter currency. Removing this currency from the system and also the lack of other currencies will cause different problems for importers.”
He continues: "Many companies uses the help of other countries like Emirate which the dollar is their counter currency. Importing cars to these countries with other currencies can make it more difficult for the importing companies and adds additional cost of the currency conversion, which will ultimately increase the final price of the car in the destination market and the customer will have to pay for it.”
Shokouhi explains about the reducing the vehicle import registration period from 6 months to 3 months: "Sometimes the interval between production and the time it takes for a car at a customs office takes about 4 months. This means that its impossible for the importer companies to release their vehicles from customs.”
He states: "According to the law, next year we will see an increase in exchange rates. On the other hand, the free exchange rates fluctuations will show its effects on the car market very soon. With the dollar currency removal, the final price of imported cars will be increased.”
Now we must wait and see that considering every factors, which affect the final price of imported vehicles, will their price increase again?
Khodrocar Reporter: Mostafa Anisi
Khodrocar Translator: Maziyar Jafarieh
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