Iran’s battle against its severe coronavirus epidemic now includes an increased transfer limit on card-to-card financial transfers to cut down on close contact between people requiring visits to bank branches and the exchanging of paper money.
The limit has been increased to Iranian rial (IRR) IRR100mn ($645 at the free market rate, $2,377 at the official rate) from IRR30mn, according to a memo sent on March 9, Banker.ir reported.
Central Bank of Iran (CBI) official Davoud Mohammad-Beigi announced the move.
Card-to-card payment in Iran is the most common large transaction method, whereby users transfer funds to one another via their card details. This was previously largely conducted on ATMs but it is now also available via mobile payment applications.
Bank branches in Iran are working according to limited hours in the run-up to the Nowruz Persian new year holidays that start on March 19 due to the ongoing fight to contain the spread of the coronavirus. Banks and businesses will close for the holiday break.
Related Articles
Azerbaijan tightens banking operations on foreign financial sources
Azerbaijan has implemented new restrictions on banking operations involving foreign financial sources, with amendments signed by President Ilham Aliyev targeting unregistered foreign financial ... more
Uzbekistan’s banking sector becoming more resilient, says Fitch
Uzbekistan’s banking industry is becoming more resilient, with the sector underpinned by ongoing structural reforms, stronger regulation and improving governance, ... more
Citibank opens Tashkent representative office
Citibank has officially established a presence in Uzbekistan with the opening of a representative office in Tashkent, according to a statement from the Central Bank of Uzbekistan (CBU). ... more