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Iran's New Import Measures Outlined

New Import Measures Outlined New Import Measures Outlined

The Central Bank of Iran has released new details about its decision to impose forex exchange controls on imports from Turkey, China, South Korea and India. According to a statement published on CBI’s website, imports from these countries would be banned unless the purchase orders are made through the banking system in the form of letters of credit or payment orders.  It says that orders made before the measure came into effect in February would be exempted from the rule. The move to compel importers to use the banking system to place their orders is aimed at tapping into Iran’s forex deposits in those countries, which are facing financial hurdles.  

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