Iran Raises Foreigners' Bank Account Limit

In its most recent meeting, the Money and Credit Council, a top financial decision-making body, has ruled to raise the ceiling set for the annual turnover of rial accounts allowed for foreigners in Iranian banks.

According to the ruling, foreigners will now be able to keep a yearly turnover of up to 5 billion rials ($130,000) in their accounts while the previous cap had been set at 1 billion rials ($25,800).

In mid-February, it was announced that for facilitating banking services provided to foreign investors, CBI has communicated a directive approved by MCC, which allows foreigners to open rial deposit accounts in the country’s banking network.