Foreign currency entering Iran without restrictions and taxes

The Central Bank of the Islamic Republic announced in a circular that all natural and legal entities can import banknotes into the country without restrictions after declaring the currency at customs.

Lamee, director of the Central Bank's Export Department, stated that no tax is levied on foreign currency imported into the country and said, "Based on the Central Bank's new foreign exchange policies, starting June 12, exporters are allowed to present foreign currency banknotes from exports at exchange offices by declaring a customs declaration and based on an agreed rate."

He added: "With this decision, the upward trend in the exchange rate in the country has stopped and even decreased."

Previously, during the presidency of Hassan Rouhani, according to the law, each person could only bring up to 10,000 euros or its equivalent in other currencies into Iran. The legal limit for taking out foreign currency was 5,000 euros or its equivalent in other currencies.

It seems that Ebrahim Raisi's government, despite claiming to have adequate foreign exchange reserves and high oil prices, is also eyeing the foreign exchange of Iranians abroad, travelers, and businessmen, in order to supply the country with the foreign exchange it needs and also with the aim of controlling the market.

The Central Bank recently called on petrochemicals as a driving force and foreign exchange holders to help balance the foreign exchange market.

Source: Voice of America