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Restrictions applied to bank transactions in Iran

Finance Materials 11 December 2019 11:11 (UTC +04:00)
Restrictions applied to bank transactions in Iran

BAKU, Azerbaijan, Dec. 11

By Elnur Baghishov - Trend:

The volume of online transactions of individuals on interbank systems will be reduced in Iran from Dec. 11, Trend reports referring to the Central Bank of Iran (CBI).

Each person will be able to transfer one billion rials (roughly $23,800) online every 24 hours.

The CBI explains that the move is aimed at combating money laundering and controlling the circulation of banknotes in the country.

According to the CBI, all banks and financial institutions should apply the restriction.

The CBI notes that customers wishing to carry out transactions in higher amounts may apply to banks.

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