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When Diba is fully operational, banks will be required to integrate their internal systems with the mechanism so that the CBI can observe account-based transactions, the CEO added.
The new system would allow the CBI to have oversight of inter-bank transactions as opposed to card-to-card transactions, which it presently has. Diba will not be in competition with so-called open banking operations where banks interact with third party PSPs. Whilst the system will play a part in these operations, it function is to allow the CBI to access accounts.
Forex traders in Iran in the past week saw the price of the US dollar versus the Iranian rial (IRR) rise some 5% amid the several days of social unrest brought about by the government’s sudden petrol price hike. Prior to this depreciation, the rate had pretty much enjoyed stability for around three months.
"Because of the sensitivity of foreign exchange trades and the significance of CBI regulation in the market, Diba will be used to assist the CBI in having ‘both eyes’ on the market,” the official Najafi added.
8.0​ Financial & capital markets 8.1​ Bank sector overview
Iran moves to ease additional financial strain on citizens as COVID-19 crisis continues
Iran raises card-to-card transfer limit to cut down on coronavirus threat from bank visits
Iranian President Hassan Rouhani has announced further plans to ease financial strains on citizens amid the coronavirus (COVID-19) crisis, ISNA reported.
The Central Bank of Iran (CBI) previously announced that it would offer a commercial loan repayment holiday of ​three months​ for businesses in the country.
But as part of wider efforts, employees can now defer health insurance, income tax payments and utility bills for up to the next three months starting from March 17.
In addition, the monthly stipend sent to the poorest deciles of Iran will be increased during the continuing Covid-19 outbreak in the country.
Banks have, meanwhile, been instructed to remove restrictions and limits on cheque payments for businesses.
Banks in the country are working on reduced hours, Banker.ir reported earlier on March 1.
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.
36​ IRAN Country Report September 2020 www.intellinews.com