Central Bank of Iran increases limits of foreign payment order

The Central Bank of Iran (CBI) has raised the ceiling to issue foreign payment order for commercial and production companies.

The foreign payment order ceiling for commercial companies has increased to €5 million while the limit for production companies is €10 million, Trend reports citing Iran's Chamber of Commerce.

The CBI 's new announcement is about its new foreign payment order limits issued to the banking system, alongside conditions that should be followed by commercial and production companies.

The Central Bank of Iran has indicated that the rise of ceiling for foreign payment order is applicable to companies that have less than 30 percent of unfulfilled commitment regarding the return foreign currency revenue to the NIMA system.

"In order to facilitate the imports of goods during sanctions and lack of payment methods, issue of foreign payment order up to €5 million and €10 million for commercial and production companies are allowed if an applicant's credit conditions is approved by bank and that companies unfulfilled commitment to return foreign currency revenues is less than 30 percent," the announcement said.