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.
The latest sanctions imposed on Iran by the Trump administration—said by Tehran to be so ... more
Turkish business daily Dunya on October 5 published an analysis listing Turkish companies that are already facing writedowns from open foreign currency positions due to lira weakness. At the head ... more
Turkey's sovereign wealth fund (SWF) is reportedly in talks to provide emergency funding to flag carrier Turkish Airlines. Capital or financing support could be provided to the flagship carrier by ... more