Iran lifts cap on carrying foreign cash
The top economic decision and policy making authority in Iran has dismantled restrictions imposed in June last year on carrying foreign cash while it exempts raw gold, silver and platinum from any form of import duties.
A Wednesday report by the IRIB News cited a decision adopted by Iran’s Supreme Council of Economic Coordination (SCEC) earlier in the day which said that carrying foreign currencies into Iran would be free of any caps and limits.
“Carrying of foreign currencies in the form of banknotes into the country would be authorized for legal and real entities without maximum limits,” the report quoted as saying a section of the decision announced by the Council.
It said, however, that the transfers should comply with laws and regulations adopted by the Central Bank of Iran (CBI) and consistent with Iran’s laws on fighting money laundering.
The CBI announced in June 2020 that individuals would be required to declare holding, carrying or exchanging foreign banknotes above 10,000 euros or their equivalents in other foreign currencies.
The bank said the law was meant to calm down rampant forex prices at the time when Iran was feeling the brunt of American sanctions on its economy.
In its Wednesday decision, the SCEC also waived duties imposed on raw imports of three precious metals, namely gold, silver and platinum.
It said importers of the three metals will be exempt from paying all duties and taxes, including a 9% value-added tax which is charged on finished products.
The SCEC, comprised of heads of three branches of the Iranian government including the Iranian president, convenes monthly meetings to finalize decisions and policies on macroeconomic issues in Iran.
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