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CENTRAL BANK OF IRAN ISSUES GUIDELINES ON FOREIGN CAPITAL TRANSFERS

Tehran, Iran - Central Bank Issues New Guidelines for Foreign Capital Transfers

The Central Bank of Iran has issued a new set of guidelines aimed at facilitating the transfer of foreign capital out of the country. The guidelines provide for the transfer of foreign capital and associated interests abroad after fulfilling all obligations and paying legal duties.

Key Provisions

  • Interest on Foreign Investments: Interest can be transferred abroad after deducting all legal taxes and duties (Article 14).
  • Financial Facilities: Installments related to financial facilities provided by foreign investors, as well as expenses associated with patents, technological know-how, technical and engineering assistance, trademarks, management contracts, and other similar agreements, are permitted for transfer (Article 15).

Methods for Providing Foreign Exchange

The guidelines outline the methods for providing foreign exchange for these transfers, including:

  • Purchasing hard currency from the country’s banking system
  • Using foreign exchange gained from export of manufactured products or provision of services
  • Exporting authorized goods

Goals and Expectations

In a statement, the Central Bank emphasized that the new guidelines aim to promote foreign investment in Iran and facilitate the transfer of capital out of the country. “We believe that these measures will help to create a more attractive environment for foreign investors and encourage them to invest in our country,” said a spokesperson.

Procedural Bylaws

The Central Bank has also announced plans to issue procedural bylaws outlining the implementation details of the new guidelines. These bylaws are expected to be approved by the cabinet ministers within two months.

Replacement of Old Law

The law replaces the 1955 law on attraction and protection of foreign capitals, which is now abolished. Foreign capital already accepted under the old law will be covered by the new law.

Significance

The Central Bank’s move is seen as a significant step towards promoting foreign investment in Iran and attracting more foreign capital to the country.