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EghtesadOnline: The Central Bank of Iran said it has raised the ceiling for the amount of local currency local residents and foreigners can hold when leaving and entering the country to 50 million rials (around $115).

The Central Bank of Iran said it has raised the ceiling for the amount of local currency local residents and foreigners can hold when leaving and entering the country to 50 million rials (around $115).

Prior to this both locals and foreigners could only carry 5 million rials (around $11) when travelling, IBENA reported

Based on the CBI announcement, those in breach will be subject to a fine.

Regarding rules about carrying foreign currency and based on earlier announcements, travelers who leave the country by air can carry €5,000 or equivalent in other currencies.

Those travelling by land, rail or sea are allowed to take not more than €2,000. All passengers must declare the amount to the customs at the port of exit.

Bringing currency up to €5,000 or equivalent by air travelers need not be declared to the customs and amounts exceeding this limit can be deposited with the bank for which interest will be paid.

According to CBI, all rules regarding foreign currency caps is applicable to bank instruments and securities.

local currency The Central Bank of Iran