Page 40 - IRANRptSep20

Iranian minister hints Afghan bank looking to open branch in Chabahar free port
An Afghan bank is set to open a branch in Iran’s Chabahar port Free Trade Zone (FTZ) on the Indian Ocean, IRNA has reported, quoting the Iranian energy minister as hinting at the development while not naming the lender in question.
Chabahar free port, set on the Gulf of Oman, is Iran’s only oceanic port and, importantly, the development of it is not subject to US sanctions with Washington recognising the value of growing trade at the hub to the economic development of conflict-torn and landlocked Afghanistan. Deep-sea access to the Indian Ocean for the nations of Central Asia and growing flows of shipped goods from India, which is investing in developing the port with Iran, are two other aspects of Chabahar increasingly coming into focus. Uzbekistan and Turkmenistan are two Central Asian countries, landlocked like Afghanistan, that have shown clear interest in using the port to access international trade routes.
“Afghanistan is exempt from [US] sanctions, thus Afghan banks are permitted to operate in Chabahar,” energy minister Reza Ardakanian was quoted as saying.
He reportedly added that opening bank branches in Chabahar would pave the way for further trade exchanges between Iran and Afghanistan.
Three Afghan banks are thought to have applied to operate in the FTZ. The smart money is on Ghazanfar Bank of Afghanistan becoming the first to open a branch in the port city.
8.2 ​Central Bank policy
Iran’s central bank chief introduces “100 toman” note
Iran's central bank updates directive on carrying or retaining foreign currency in cash
Central Bank of Iran (CBI) governor Abdol Nasser Hemmati has showcased a new “Iran Cheque” banknote with the last four zeros greyed out, IRIB reported.
Iran is transitioning away from the exhausted Iranian rial (IRR) which has lost its value several times over since the 1979 Islamic Revolution. The introduction of the banknote comes as part of the wide​r ​Monetary and Reform Banking Law​. ​It aims to remove four zeros from the currency and officially rename it the “toman” within the next few months.
Colloquially in the Islamic Republic, the toman represents 10 times the value of the rial and it is the de facto currency used in daily transactions. For instance, IRR10,000 is known informally as Iranian toman (IRT) 1,000 and prices, for instance, are typically stated in that way online.
The “Iran Cheque” is for IRR1,000,000 (around $5), but with four zeros faded out it appears as “100”.
Iran's SNN reported that the CBI was also reissuing the IRR500,000 note, with a "50" in the top left.
As part of the switch to the toman, there will be a transition period of three years during which both currencies (rials and tomans) will be simultaneously valid.
The Central Bank of Iran (CBI) has issued an updated directive dictating the amount of foreign currency in cash that people can retain or carry, LiT reported. ​According to the new directive, individuals can carry up to €10,000 or its equivalent in hard currency. The decree added that a person carrying or keeping more than this value in cash would need to have multiple documents showing they were entitled to do so. The move is the latest in a
40​ IRAN Country Report September 2020 www.intellinews.com