Iran orders new directives to control FOREX market

Tehran, Iran, Oct.29

Trend:

Iran's Supreme leader Ayatollah Ali Khamenei has approved 11 directives of the Supreme Economic Coordination Council`s 4th meeting for Forex market control on Monday, according to the president's official website.

The text of directives includes:

All non-oil exporters are obliged to deliver their export currency to the NIMA System within a maximum of 3 months, or transfer the export earnings to the country by any other ways which are determined by CBI.

*** Due to the special economic conditions of the country, failure to comply with this order is considered as currency smuggling.

In order to provide foreign exchange for import of goods and services, a committee consisting of the head of the central bank, the head of the planning and budget organization, the Minister of Economic Affairs and Finance, the Minister of Oil and the Minister of Industry, Mines and Trade, will form to estimate the monthly currency revenues of the country.

Determination and allocation of foreign currency quota of each sector is assigned to a committee consisting of the Planning and Budget Organization, the Ministry of Economic Affairs and Finance, the Central Bank, the Ministry of Oil, the Ministry of Agriculture, the Ministry of Health. The distribution of the allocated currency will be the responsibility of the relevant minister.

Any natural or legal person is able to bring any amount of currency to the country in accordance with the regulations specified by the Central Bank, and none of the security and customs authorities have the right to prevent it. Any prevention is an administrative offense and the offender, if convicted, will be sentenced to six months for a temporary breakdown and, if repeated, will be sentenced to higher penalties.

In order to manage the foreign exchange market, the Central Bank of the Islamic Republic of Iran may manage the market in the form of policies, necessary measures approved by the governor of the central bank through authorized banks and authorized exchange traders and other appropriate methods.

Buying and selling currency is permitted only in authorized banks and exchanges, trader offices in accordance with the regulations of the Central Bank. Any announcement of the FOREX rate outside of the announced procedure. The creation of a psychological fluctuation and inflammation is considered as a disruption of the economy and the authorities and the judicial authorities are authorized to deal with it legally.

The IRIB and other official and authorized media of the country, which must be at the forefront of the campaign against the propaganda and psychological warfare of the enemy, are obligated to provide news and analysis related to the currency and coin market in accordance to the policy of headquarters of economic propaganda.

In order to encourage investment and attract foreign exchange resources, the nationals of foreign governments recognized by the Government of the Islamic Republic of Iran by investment of at least $ 50,000 in Iran, can apply for a 5-year residence permit.

The Central Bank of the Islamic Republic is authorized to buy and sell Islamic financial bonds issued by the government.

The central bank is required to immediately provide the necessary arrangements for the purchase of foreign exchange earned by the petrochemical and steel exports and other export products. The central bank can purchase the currency directly or indirectly for the rate determined on the secondary exchange market (NIMA system).

The validity period of this resolution will be valid for a maximum of one year from the date of issue.

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