The Islamic Republic of Iran has increased fares of domestic flights with 65%, state news agency reported on Tuesday.

On the average fares for domestic flights increased by 65 percent from Tuesday. The chief of Iran’s Airliners Association, Abdolreza Mousavi, told Mehr that due to the appreciation of foreign currency rate and the costs that the country’s airliners have encountered, the ticket fares should have been doubled. Iran’s air industry relies heavily on the imports of the spare parts and services for the maintenance of its air fleet.

Iran’s currency value has significantly slumped since the beginning of this year against foreign currencies due to heavy pressure in January brought by sanctions on Iran’s central bank, which was followed by European Union (EU) embargo on Iran’s oil and gas imports.

Last month, Iran’s currency value depreciated further in the street market of Tehran as one U.S. dollar was exchanged for about 36,000 rials. A year ago the same amount was traded for 13,000 rials.

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