Currency Entry to Iran Without Restrictions and Taxes

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

Lamei, director of the Export Department of the Central Bank, stating that no tax is imposed on imported currency, said: “Based on the new currency policies of the Central Bank from June 12, exporters are allowed to present foreign currency banknotes resulting from exports at exchange offices by submitting customs declarations and based on the agreed rate.”

He added: “With this decision, the upward trend of exchange rates in the country has stopped and even decreased.”

Previously, during Hassan Rouhani’s presidency, based on the law, each person could only import up to a ceiling of 10,000 euros or its equivalent in other currencies into Iran. The legal ceiling for currency exit was also 5,000 euros or its equivalent in other currencies.

It appears that the Ibrahim Raisi administration, despite claiming to have adequate currency reserves and also high oil prices, has turned its eyes toward the currency of Iranians outside the country, travelers, and merchants, in order to secure the currency needed for the country and also to control the market.

The Central Bank recently also asked petrochemical companies, as a driving industry and currency holders, to help achieve greater balance in the currency market.

Source: Voice of America