40690
CBI to Promote Currency Swap
Economy, Business And Markets

CBI to Promote Currency Swap

Lawmakers Sunday passed legislation that allows the central bank to sign currency swap agreements with Iran’s major commercial partners.
The CBI has been tasked with promoting the usage of local currencies in coordination with ministries of foreign affairs, economy, energy, oil, and ministry of industries, mining and commerce, Alef news website reported.
Law also requires the bank to provide Majlis with reports of its progress on the issue every six months.
Iran has been trying to avoid dollar transactions since the imposition of economic sanctions a decade ago and gradually replace the US currency with the Chinese yuan, euro, Turkish lira, Russian ruble, and South Korean won. Legislators also allowed the CBI to continue printing and distributing ‘Iran Checks’, urging the regulator to adhere to the limits set by the Money and Credit Council.
Iran Checks are financial instruments which the CBI is permitted to issue with the purpose of easing monetary affairs and preserve public interest and assets.
Export Development Bank of Iran, Export Guarantee Fund of Iran and Iran Foreign Investment Company received exemption from paying tax on the profit they make when selling foreign currency. The Majlis also exempted banks and licensed foreign exchange operators from paying value added tax on their forex deals. Value-added tax in Iran is 9%.

 

Short URL : http://goo.gl/kcm9dp
  1. http://goo.gl/1epdMm
  • http://goo.gl/iiWZQh
  • http://goo.gl/VdbyVV
  • http://goo.gl/L6OisH
  • http://goo.gl/niF4Or

You can also read ...

Telegram Raises $850m From Investors Before Planned ICO
The chat app company Telegram filed documents with the US...
Iran-Greece Trade Tops $1.5 Billion
Iran exported more than €1.26 billion worth of goods to Greece...
Ban on Contraband Cellphones in Iran Reaches LG
Following the government’s belated policy of curbing cellphone...
On Sunday, the rial traded at 46,130 to the dollar, up 1.8%. 
With its foreign exchange package now in full swing, the...
Intel Hit With  32 Lawsuits
Intel has revealed that the company is facing at least 32...
Facebook has to delete all data it has gathered on Belgian citizens.
A Belgian court threatened Facebook (FB.O) on Friday with a...
Iran Decision on FATF Agenda
The Financial Action Task Force–the global anti-money...
Polish Expo  in Tehran
An exhibition of Polish businesses and culture held in Tehran’...

Trending

Googleplus