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  • 09-06-20

    Iran constricts currency control by setting cap on carrying foreign currency

    (MENAFN)

    The Central Bank of Iran (CBI) has obliged a cap on how much individuals can carry foreign cash during efforts purposed to stabilize the foreign currency market in the country.

    The CBI said in a Sunday statement that it had demanded the banks and credit institutions nationwide to process requests by individuals who want to announce carrying sums above 10,000 euros or their equivalents in other foreign currencies.

    The released information stated that holding, carrying, or exchanging foreign banknotes above the limit would necessitate documents from credit institutions or the customs office that would allow holders to keep the cash for six months.

    It said that the quantity of cash surpassing the limit should be either deposited or sold to the credit institutions after the six-month period based on the price declared on a government-run website monitoring the forex dealers.

    MENAFN0906202000450000ID1100294066

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