Business And Markets

Bill Sent to Majlis to Enhance CBI Power

Banks, non-bank credit institutions, exchange shops and the relevant financial entities and their subsidiaries, as well as all executive bodies will be obliged to uphold the rules of transparency and submit unambiguous data on their forex funds and opera
Bill Sent to Majlis to Enhance CBI Power
Bill Sent to Majlis to Enhance CBI Power

A bill to enhance the power and influence of the Central Bank if Iran in better managing the foreign exchange market has been sent to the Majlis (parliament) by President Ebrahim Raisi. 
The proposals seek to address several key issues related to the monetary and banking system, particularly in managing the chaotic forex market the stakeholders of which for years been the target of controversy and condemnation, IBENA reported.
According to the bill, all exporters of goods and services must be obliged to declare their overseas proceeds to the CBI,   comply with its regulations and procedures and place their export revenue under CBI control. 
The central bank would have authority to provide currency to the same exporters or other importers of goods and services based on official exchange rates set by the regulator.


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