The Central Bank of Iran (CBI) has imposed a restriction on the amount of carrying foreign cash amid endeavors to calm the foreign currency market in the country.
In a statement on Sunday, the CBI informed of ordering the banks and credit institutions all over Iran to process requests by individuals who want to declare carrying sums above 10,000 euros or equivalents in other foreign currencies.
According to the statement, holding, carrying or exchanging foreign banknotes exceeding the limit necessitates documents from credit institutions or the customs office to enable holders to keep the cash for six months.
It further noted that the amount of cash above the limit should be either deposited or sold to the credit institutions after the six-month term based on the price announced on a government-run website monitoring the forex dealers.
The CBI added that foreign cash holders would have three months to obtain the required documents or face legal action.
It warned that money laundering and terrorism financing laws would also apply to those who avoid declaring foreign cash that has been gained via illegal means.
The CBI has issued the statement amid efforts to stabilize the uncertain exchange market in Iran where foreign currency prices have surged in recent weeks mainly as a result of shutdown over the spread of the coronavirus epidemic.
According to the reports from the unofficial currency market in Tehran, Iran’s national currency rial has been exchanged low against the US dollar at 177,200 on Sunday.
The CBI says it is reluctant to meddle in the forex prices; although it predicts that its measures would help the rial regain in the near future part of its lost value.