The sale of foreign currency in the form of banknotes to applicants is allowed for a maximum amount of 5,000 euros or its equivalent in US dollars. 

Nouraei & Mostafavi Law Offices – 27 January 2023- Tehran- Iran -As Saturday 8 Bahman 1401(28 January 2023), in addition to authorized foreign exchange dealers, selected branches of the Iranian banks: Melli, Mellat, Tejarat, Sepeh, Saderat will sell foreign currency under the heading of providing essential needs up to 5,000 euros. 

 

According to the decree of the Central Bank of Iran (CBI), for facilitating the supply of foreign exchange demand in the form of banknotes under the title of “Providing Essential Needs (code 56)”, the selected branches of the above banks are allowed to sell foreign currency in the form of banknotes under the following conditions: 

1- The sale of foreign currency in the form of banknotes to applicants is allowed for a maximum amount of 5,000 euros or its equivalent in US dollars at the rate announced in the management database of the Iranian organized foreign currency market at the address www.ice.ir under the title “Last Rate”. 

 

2- The sale of foreign currency in the form of banknotes under the heading “Providing Essential Needs (code 56)” is only possible to Iranian natural persons over 18 years of age and resident legal entities (excluding banks and foreign exchange dealers).

 

3- For “Providing Essential Needs (code 56)”, It is allowed to supply foreign currency from the bank’s internal resources, the organized foreign currency market, and banknotes purchased.

Note 1: Purchase of currency in the form of banknotes from natural and legal persons after verifying the customer’s identity according to the notified regulations, up to 10 thousand euros or its equivalent in dollars by registering in the Currency Monitoring System (Sena) under the heading “Providing Essential Needs (code 56) )” is allowed with the agreed rate of the parties. Foreign currency amounts above 10,000 Euros or its equivalent in other currencies could be sold by the applicant submitting a declaration on official entry points to the foreign exchange counters/branches of the Melli Bank of Iran. 

Note 2: If needed, this bank will provide the relevant currency.n In this connection, it is necessary to coordinate with this bank’s foreign exchange market monitoring department. 

 

4- The sale of currency is possible from 8/11/1401(28 January 2023) until further notice against the presentation of the national ID card of natural persons, the business card of legal persons, and the national ID card of the representative of the juridical applicants. Also, customer identification must be made in line with the rules announced by this bank. In addition to the mentioned rules, the sale of currency is possible only by paying the equivalent of Rials with a bank card or through a bank account opened in the name of the applicant and requesting the mobile phone number registered in the name of the applicant from the Shahkar system. 

5- That bank is obliged to register the applicant’s details (national ID number) in the “Foreign Exchange Monitoring System (Sena)” under the title ” Providing Essential Needs (Code 56)” before selling currency and after obtaining approval from the Sena system to sell currency to the applicant.

 

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