Minimum Capital for Forex Shops Raised

The minimum capital requirement for setting up foreign exchange shops has been increased to 250 billion rials ($1.08 million) in large cities and 130 billion rials ($565,000) in other cities, the Central Bank of Iran announced on Monday.
The measure is part of amendments to foreign exchange shop regulations approved by the Money and Credit Council, the highest body of financial monetary markets in Iran, earlier this month.
Previously, applicants were required to deposit a minimum of 120 billion rials ($521,000) for starting a foreign exchange shop in large cities [Tehran, Isfahan, Ahvaz, Tabriz, Shiraz, Mashhad, Karaj, Qom and Urmia] and 60 billion rials ($260,000) in other locations.  
Forex shops have been given two years to increase their capital requirement in accord with the latest updates.