Economy, Business And Markets
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New Law on Foreign Dealings

New Law on Foreign Dealings New Law on Foreign Dealings

Based on a new parliamentary legislation, any government contract with foreign parties worth over $10 million requires a tender notice, which can be domestic or international. In special circumstances, the Economy Minister, head of Management and Planning Organization and the concerned minister will decide about the tenders. However, contracts deemed confidential by the Cabinet are exempt from these regulations. Also, the Central Bank of Iran is only allowed to pay for large contracts if they are approved by a minister or the highest executive of the contracting body.

Financialtribune.com