Iran Prohibits Using USD for Imports

EghtesadOnline: Based on a directive issued by the Ministry of Industries, Mining and Trade, the ministry-affiliated National Trade System announced that as of Wednesday, all traders are prohibited from registering their import orders using the US dollar.

News ID: ۷۸۱۹۵۸

03 March 2018

This directive, however, will not apply to applications filed before the aforementioned day.

The directive was proposed by the Central Bank of Iran about two weeks ago but has been enforced by the Ministry of Industries, Mining and Trade, reported IBENA, the news website affiliated with CBI.

This is while as of Wednesday, CBI’s new electronic system for purchasing foreign currencies became operational on a wider scale, Financial Tribune reported.

The system now reportedly offers all currencies to importers and exchangers, except for a handful that includes Japan’s yen, South Korea’s won and Thailand’s baht.