Call for Bureaux de Change Law Reform
Economy, Business And Markets

Call for Bureaux de Change Law Reform

Head of the Bureaux de Change Union sent a letter to economic officials, asking for reform in laws for bureaux de change operation and leniency toward the bureaux, after the central bank’s deadline to unauthorized shops for registering with the central bank to obtain license ended on Wednesday.
Abbas Masoudi complained against bureaux de change supervisory regulations’ contradictions with the general trade law.
The central bank revised foreign exchange regulations last August. The bank lowered minimum requirement for owning a bureau de change to encourage shop owners to register with the bank, while setting a deadline for registration.
It also abandoned a two-tier system whereby it reserved foreign exchange transfer services to larger bureaux.
Under the system, smaller shops’ activities were limited to trading foreign exchange and precious metals.
However, many technical aspects of the new regulations have come under fire by bureau owners.
After the introduction of the new regulations, the central bank gave a 12-month deadline to the 1,000 unauthorized shops to to apply for an operating permit, by meeting the bank’s minimum requirements and disclosing their books.
Currently, there are over 1,400 bureaux in Iran’s foreign exchange market, but only 428 are certified and regulated by the central bank, latest statements by the bank show.


Short URL : http://goo.gl/NXuxl9

You can also read ...

Westminster Group Hopeful Over Iran Airport Security Deal
UK-based company Westminster Group PLC is still hopeful it can...
Turkey Determined to Protect Companies From US Sanctions
Turkey will take every initiative to protect its companies...
Further Hike in Unified USD Rate
The Central Bank of Iran has increased the US dollar's...
Tesla’s Gigafactory in Nevada, the US
Tesla Inc has flown six planes full of robots and equipment...
Head of Sistan-Baluchestan’s Ports and Maritime Organization Behrouz Aghaei (L) shakes hands with Managing Director of Life Trade Promotion Company Mohammad Arazesh after signing the agreement on May 23.
Life Trade Promotion Company signed an agreement with Sistan-...
No Change in Citroen’s Iran Strategy
In the face of Washington’s withdrawal from the historic...
Iran’s 65-and-over population is projected to rise to make up 11% of the total population in 2036-37.
Iran’s population will get increasingly older over the next...
About 60% of the total volume of NPLs in Iran are considered irrecoverable.
Iranian banks and credit institutions held a total of about 1....