New Forex Rules for Iranian Shipping Companies

EghtesadOnline: The Central Bank of Iran issued a directive on Tuesday outlining new foreign currency rules for shipping and transit companies, as part of the government’s new measures to tighten control over the forex market.

News ID: ۷۸۲۶۲۹

19 May 2018

Under the directive, the supply and transfer of foreign currency to reimburse the charges of Iranian and foreign transit and shipping companies can only be processed via the banking system and, if it’s not possible, through a licensed exchange house, Cbi.ir reported. The government moved to toughen foreign currency policy to tackle a rial crisis in early April, which saw the currency’s value nosedive against the dollar to 62,000. It announced a unified exchange rate of 42,000 rials that could be offered for imports, travel and research projects, and to overseas students. The central bank has launched the Integrated Foreign Currency System (locally known as Nima) to track all forex transactions involving banks, exchange houses, importers and exporters, Financial Tribune reported.