0507 GMT October 05, 2022
The new law will force everyone possessing foreign cash to declare it on an online exchange system run by the Central Bank of Iran (CBI), said a report by IRNA.
Failure to declare the foreign cash can lead to prosecution, said the report, adding that individuals will also need to declare the foreign currency assets obtained before the implementation of the new law.
The new law stipulates that the supply, possession or carrying of foreign cash without receipt will be designated as an act of foreign currency trafficking, said the IRNA.
However, it said that carrying foreign cash to Iran under limits set by the CBI will be allowed.
The new law went into effect after being discussed and approved by the Iranian Parliament earlier this Iranian year.
It comes as Iran continues to tighten its rules governing the trafficking of goods and foreign currency at a time it is facing an unprecedented strain on its foreign currency resources because of American sanctions.
Washington imposed the bans in 2018 after it unilaterally withdrew from an international deal on Iran’s nuclear program.
Talks on reviving the deal and removing the sanctions stalled in Vienna last month over what Iranian authorities have described as lack of decisiveness in Washington.