Foreign currency remittance was allowed for manufacturing companies

Feed: 2871 - Date: 6/18/2018 - Views: 374

The Central Bank announced that it would not be prohibited to remit the transfer of foreign currency amounting up to 5 million Euros or the equivalent amount in other currencies for the import of the goods of manufacturing companies providing approved by the relevant ministry.

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According to Mehr News Agency quoting from the Central Bank, in an instruction no. 81538 dated 97.3.10, this bank announced that it would not be prohibited to remit the transfer of foreign currency amounting up to 5 million Euros or the equivalent amount in other currencies for the import of the goods of manufacturing companies providing approved by the relevant ministry.
 
In pursuance of implementing the new foreign currency policy, it is allowed to accept the prepayment in Iranian Rials for opening the Letter of Credit amounting at most 20% of the permitted level from the manufacturing provided they have the approval of the relevant ministry (as per the Clause 1-3, section –A of the foreign currency regulations).
 
It is evidently possible to accept the amounts less than this level if the agent bank and applicant bank have mutual agreement. In addition, the use of the provisions of this instruction will be possible until 1397.8.30.

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