What the new foreign currency rules mean for everyone

According to the latest instructions by the Central Bank of Iran (CBI) all bureau de change in Iran is not allowed to buy/sell any amount of money in any currency until further notice. According to the sudden change in details, all currency consumer-facing currency exchanges will be conducted through authorized banks for the time being.

Based on the instruction explaining the country’s new monetary policies, activities of legal exchange houses will be limited to the following:

  • Digital transfer of currency at the order of any bank which has the permission to provide foreign currency services
  • Buying foreign currency from exporters of non-oil products
  • Selling purchased currencies through the banking system

All holders of hard money in any foreign currencies can deposit their money in banks. The CBI guarantees the return of the money and its relevant interest at the new government rates.

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At the time of writing the current official exchange rates set by the government on April 15 are $1 to IRR42,000, while one euro and pound sterling are at IRR51,808 and 59,797 respectively.

Rules for expats

Also, if you are a foreign expatriate living in Iran who usually receives his/her salary in a foreign currency there is no limit on receiving your monthly salary in a foreign currency. However, the ongoing restrictions in the wider money markets could have a knock on effect to those working in Iran and using private money changers.

Based on the CBI, providing of USD and Euro at the fixed price will be done under the following conditions:

Subject Limit
Travel CIS and neighbouring countries except for Iraq 500 Euro
Other Countries 1000 Euro
Student and Medical Treatment Students 1000 USD for Cost of Living/month

500 USD for every member of family/month

15,000 USD tuition fee/year

Medical Treatment 10,000 USD + 100 USD/month for living cost of patient and company
Airplane Insurance No limit
Salary payments of legal foreign workers No limit
International Transportation Drivers 2,000 Euro
Participation in Foreign Training Courses or Workshops 2,000 Euro
The subscription fee of international academies or forums As stated on the invoice
Publication of Articles As stated on the invoice
Holding International Conferences and awards 10,000 Euro
Receiving international certificates, conducting scientific and technical tests outside Iran 40,000 Euro

 

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