Economy, Business And Markets

New Bureau de Change Regulations

New Bureau de Change RegulationsNew Bureau de Change Regulations

The Central Bank of Iran issued new foreign exchange market regulations on Tuesday. The regulations pertain to the activities of bureaux de change. The CBI kept the ban on online currency trading as well as trading of currencies by entities or people without a bureau de change permit. Bureaux de change working hours are set between 10:00 am and 18:00 pm, according to the new regulations. All transactions in excess of $10,000 must be simultaneously registered in Sana system – an info system run by the CBI. Bureaux de change have until the end of the day clear the transaction. Trades below $10,000 can be registered at the end of the day but the transaction must be done right away. Iranian Association for Exchange is obligated to announce the weighted average of all currency transactions on an hourly basis.