Central Bank of Iran increases cash withdrawal limit
TEHRAN, Iran, May 12
The Central Bank of Iran (CBI) has approved new regulation for banks and financial institutions to increase cash withdrawal volume to 450 million rials (about $10,000).
The Central Bank of Iran (CBI) asked all banks and financial institutes to increase the ceiling of cash withdrawal for their customers based on article 13 of the money laundering law, Trend reports citing IRNA.
The cash volume is equal to tenders' ceiling, according to which individuals need small cash or its equivalent of foreign currency and luxury goods to join tender applications.
The government has approved 450 million rials ceiling for the small transactions in current Iranian year (began March 20, 2020); therefore, the ceiling for money withdrawal in financial institution is of the same amount.
Iran has recently announced that it would increase the limits for cash withdrawal or money transfer via banking cards from ATMs and online to reduce the direct visits to the banks during coronavirus outbreak.