Iran Bans Saudi Imports and Restricts Travel to Mecca

The feud between Saudi Arabia and Iran is getting more painful.
Iran has banned all imports from Saudi Arabia and told Iranians they can’t join pilgrimages to its holy cities of Mecca and Medina.

The announcement Thursday follows Saudi Arabia’s decision to break off diplomatic and economic ties with Iran after its embassy in Tehran was attacked.

Saudi Arabia doesn’t rank among Iran’s top trading partners but the ban on pilgrimages could hurt: it makes around $18 billion a year from religious tourism, and Iranians comprise one of the biggest groups of visitors.

Officials estimate around 600,000 Iranians travel to Saudi Arabia every year to perform pilgrimages. Some flights between the two countries have already been suspended.

via CNN

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, he established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza