Financialt Tribune - Iran’s largest private automaker Modiran Vehicle Manufacturing Co., a partner of China’s Chery, at the weekend jacked up prices by a massive 55%.

In a statement published by ISNA, MVM said due to the significant rise in the USD exchange rate in Iran, the company has no alternative but to increase prices.

Since US President Donald Trump pulled out of Iran’s historic nuclear deal the value of the rial has plunged to unprecedented lows forcing industries and businesses of all types to raise prices seemingly without any government control or oversight. In worst case scenarios, companies have closed down and declared insolvency.