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EghtesadOnline: In a directive on Saturday, the Central Bank of Iran authorized foreign currency transfers (through the hawala system operated via the Integrated Forex Deals System) of up to €5 million or its equivalent in other currencies for imports undertaken by production enterprises, subject to the approval of the related ministry.

As per the modified procedures, companies that apply for a letter of credit are required to pay the issuing bank as much as 20% upfront in rials, CBI’s website reported.

The directive will expire on November 21. The Iranian government announced a unified exchange rate in April and banned transactions beyond that rate to contain a currency crisis.

The government also requires merchants to bring back their export earnings to the country by depositing them in banks or using it for imports, Financial Tribune reported.

 

Central Bank of Iran Iran Forex Transfer Cap Iran Integrated Forex Deals System