Iran's Central Bank Increases Allowed Currency Entry Limit to $10,000

The Central Bank of the Islamic Republic announced regulations for the entry and exit of currency by travelers and transit drivers, under which the allowed amount of currency entry into the country has been increased to double. According to the 'Executive Instruction for Regulations on Currency Accompanying Travelers' published on Saturday, November 13, from December 1 of this year, the entry of physical currency (banknotes) by each traveler from abroad up to $10,000 or its equivalent in other currencies will be possible without the need to declare it at customs entry points. According to a report by the state news agency IRNA, the previous limit for currency entry by travelers from abroad or from free trade-industrial zones to the mainland was set at $5,000 or its equivalent in other currencies. Under the previous instruction, each traveler had to complete a currency declaration and information at the entry points for amounts exceeding the previous limit. However, according to this new directive, the entry of currency in cash for amounts exceeding $10,000 or its equivalent in other currencies requires inquiry from the Financial Information Center and the Anti-Money Laundering Department of the Ministry of Economic Affairs and Finance. Therefore, any traveler carrying more than $10,000 or equivalent currencies must declare it and deliver it to the National Bank counter at the entry points, so that the National Bank issues a receipt containing the tracking code of the delivered currency to the traveler. This directive anticipates that after the issuance of confirmation from the Financial Information Center and the Anti-Money Laundering Department, the excess amount in question will be refunded to the traveler upon request or remitted, and it is also possible for the incoming currency to be purchased from them at the free rate. Additionally, if the traveler wishes, they can take the excess currency above the specified limit out of the country by providing the relevant tracking code. Under the new Central Bank directive, the delivery of currency exceeding $10,000 is only possible at the fourteen designated customs entry and exit points where active National Bank counters are located.