New Forex Regulations for Visa-Free Travelers

EghtesadOnline: The Central Bank of Iran issued a directive on Wednesday to outline the regulations and procedures governing the supply of foreign exchange to Iranians traveling visa-free overseas.

News ID: ۷۸۲۷۹۵

03 June 2018

Before processing the foreign currency purchase applications, the issuer bank at the departure airport needs to ensure the flight card of the applicant matches the declared destination, the directive reads on CBI’s website.  Under the document, holders of the so-called FAN ID of FIFA World Cup, to be hosted later this year by Russia, are entitled to receive €500 or its equivalent in other currencies.  FIFA confirmed last year that all soccer supporters would need an official identity document known as FAN ID, issued by the Russian authorities, to attend the games. The card will include the holder’s photograph and contact details, which could be used instead of visas to enter the country. The Iranian government announced a unified exchange rate in April and banned transactions beyond that rate to contain a currency crisis, according to Financial Tribune.