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Iran Central Bank officially limits domestic bank transactions

10 December 2018 [13:34] - TODAY.AZ

By  Trend

The Central Bank of Iran (CBI), has officially started its new policy to limit bank transfers via POS machines, while each individual can only transact certain amount of money per day by sending the national identification card numbers to bank.

According to a source in the CBI, the policy was officially implemented on Saturday, Trend reports citing Tasnim News Agency.

The Governor of Central Bank of Iran, Abdolnaser Hemmati has previously announced the new policy to limit bank transactions and card to card money transfer by identification card.

The procedure aims to limit the money transaction via the POS machines outside the country and monitoring bank transaction.

The CBI policy is to combat money laundering that had deep impact on foreign currency fluctuation. Each national identity card number can transfer $24,000 via POS, while each bank card can only transfer about $12,000 to another account via ATM machines.

According to experts, the CBI plan has prevented the capital flow from the country, therefore purchase of property in Turkey, Armenia and Canada via POS (Point-of-Sale) by some Iranian companies has been terminated.

The limits have effected dealers in the foreign currency market that attempted to trade currency by opening various accounts and using the bank cards.


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