Iran raises card-to-card transfer limit to cut down on coronavirus threat from bank visits

Iran raises card-to-card transfer limit to cut down on coronavirus threat from bank visits
World Health Organisation representatives holding a joint meeting with Tehran administrators on tackling the coronavirus outbreak. / Hossein Velayati, Fars News.
By bne IntellIiNews March 9, 2020

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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Bulgaria's BACB to acquire 99.94% of Tokuda Bank

The Bulgarian-American Credit Bank said on April 16 it has agreed to acquire 99.94% of local Tokuda Bank from Japan-based Tokushukai Incorporated. The two banks are among the smallest in Bulgaria ... more

EIF signs guarantee agreements with 11 banks in Western Balkans, unlocking €750mn for small businesses

The European Investment Fund (EIF), part of the EIB Group, said on April 15 that it has signed guarantee agreements with 11 banks and financial intermediaries in the Western Balkans. These ... more

UniCredit sees modest growth and fiscal overshoot for Hungary in 2024

Hungary’s economic rebound will be modest this year, around 2%, and the return to potential growth is set to be postponed to 2025 with GDP expanding around 3.2%, according to UniCredit bank's ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    6 days ago
  2. Saudi Arabia to scale back plans for Neom city
    9 days ago
  3. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    6 days ago
  4. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  5. Russia’s war economy boosted by rising oil prices
    3 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    20 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    24 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    29 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    22 days ago

Reports

Dismiss