New Rules for Moneychangers

EghtesadOnline: Association of Bureaux de Change Operators of Iran has required authorized moneychangers to keep a record of their daily operations in the central bank-affiliated SANA system and Nima platforms, warning them against trading foreign currency outside the supervisory platforms.

News ID: ۷۵۰۱۸۸

08 June 2020

According to Tasnim news agency, any forex trade outside the two platforms is illegal and offenders will be prosecuted.

SANA is a system created by the Central Bank of Iran for tracking rates in the foreign exchange market.

Nima is a secondary market also developed by the CBI as a venue where companies sell their export earnings at rates lower than the open market. Forex sold on Nima  help fund imports.

Both Nima and Sana systems keep track of forex deals in the country. While the former logs data about repatriated export earnings sold to importers as hawala, the latter keeps record of forex deals conducted in banks and the CBI-affiliated exchange bureaus.

The moves help huge fluctuations in the often chaotic currency market, curb illegal currency trade and speculative activities.

€10,000 Limit

In another move, the CBI issued a directive on Sunday based on which Iranians can hold foreign currency maximum up to €10,000 or equivalent.

Retaining any amount over and above the set limit is allowed only if the person has one of the following documents:

1) A bank receipt or any other document indicating that the amount has been reimbursed by a bank.

2) An authorized receipt from an exchange bureau  registered in CBI's SANA system. A printed receipt containing the tracking code that indicates the currency was declared when entering the country.

The directive says if someone is in possession of a larger amount of hard currency and does not have one of the aforementioned documents, they need to open a foreign currency account in one of the banks or sell the currency to a bank or a licensed moneychanger within three months.

Banks and bureaux de change's receipts that show the currency has been paid by them is valid for six months and owners need to open a currency account or sell the sum within the allowed period.