Central Bank of the Islamic Republic of Iran

Central Bank of the Islamic Republic of Iran

Announcement No. (1) of exchange rate equalization – 21 April 2017

According to the Central Bank’s public relations report, in line with the implementation of yesterday’s decision of the government’s economic headquarters to equalize the exchange rate with the price of 42,000 Rials for every US dollar, which was adopted in order to stabilize the currency market, the following content is intended to answer the possible questions of the compatriots and A detailed explanation of the said decision will be announced. It should be noted that the central bank is ready to answer the possible questions and doubts of all compatriots, and if necessary, additional announcements will be published by this bank.

1. From April 21, 2017, the Central Bank provides foreign currency for all legal commercial and production needs within the framework of export and import laws and regulations and foreign exchange regulations of the country on the basis of 42,000 Rials per dollar.

2. According to Clause (x) of Article 2 of the Anti-Smuggling of Goods and Currency Law, any purchase and sale of currency outside of the banking system and authorized exchanges is considered to be smuggling, and the competent institutions deal with the perpetrator based on the current laws and regulations, including the Anti-Smuggling Law Smuggling of goods and currency come into contact.

3. The amount of currency that can be kept by each person according to the instructions issued by the Central Bank on 21 April 2016 is a maximum of 10 thousand euros or its equivalent in other currencies, and in case of discovery of an amount exceeding that in the possession of any person, the perpetrator will be dealt with according to the law will be dealt with.

4. All persons who have previously purchased foreign currency in the form of banknotes and have more than 10,000 euros or the equivalent of that currency at their disposal on the date of this announcement, must deposit foreign currency in the aforementioned banks or sell it by the end of this month at the latest. It should be applied to the banks. According to the circular dated 26.12.1396 of the central bank, in case of foreign currency deposits in banks, foreign currency interest will be paid to said deposits based on the regulations of the central bank. The refund of the banknote to foreign currency depositors is guaranteed if they demand it.

5. Supply of foreign currency for all imports to the country is done after order registration. Order registration is allowed only with payment through bank transfer.

6. In addition to making remittances by themselves, after filing a case and obtaining a commitment from the importer, banks can register currency requests in the form of remittances in the NIMA system, as well as remittances through exchange offices.

7. All exporters are required to sell the foreign currency obtained from exports to authorized banks and exchanges through the NIMA system, except for cases where they spend on imports, repayment of foreign currency debt or deposits.

8. The regulations related to the provision of foreign currency for travelers abroad, students and medical students and other cases will be notified at the exit points at the same time as the arrangements are made.
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This post is written by poshtibaniTs