Page 33 - IRANRptNov18

Iran’s central bank grants licences to 13 private fintech payment companies
Iran’s Bank Tejarat selling 2.46% stake in National Iranian Copper Company
struggle to seal business ties with Iranian banks.
The bank representative, who wished to remain nameless, said PIB was unable to liaise with British banks given ongoing restrictions placed by the UK banking system on local representatives of the Iranian banking sector. They added that currently, they were unable to open new bank accounts based in the UK for customers.
Some 13 private financial technology payment companies have been granted business licences by the Central Bank of Iran (CBI) allowing them to legally conduct operations in the country, the regulator said on October 17.
The CBI has liaised with the private sector in recent years in the development of digital payment mechanisms. However , the early August arrest of CBI deputy governor Ahmad Araghchi for alleged economic crimes reportedly spread anxiety in the fintech sector that a clampdown on digital payment companies was on the cards.
Fintech payment companies that have completed operational tests in line with a CBI-approved payment instrument have now apparently been given stamps of approval in technical and legal competence. The licences were awarded on that basis.
Kish Payments and Mana Tadbir Avata are reportedly among the companies now boasting licences.
Iran’s state-owned Bank Tejarat has announced a block sale of its 2.46% stake in National Iranian Copper Company (NICC), IBENA reported on October 15. Iran’s banks have been ordered by the government to sell all the non-banking assets they have accrued either through seizing failing businesses or investments outside traditional banking activities.
The bank plans to sell its 1.5bn shares at a share price of IRR6,200. The release date for the block is October 22.
Also on October 15, Bank Tejarat amended its profit statement, citing the appreciation of its foreign exchange assets. Its net foreign currency balance at the end of the previous Persian month was $3,791bn, the bank said.
The bank said the share of its foreign currency reserves in its assets has grown in the past few months. The values of the dollar, euro and pound sterling, among other currencies, have shot up in Iran this year given the collapse of the rial amid renewed US sanctions.
8.2 Central Bank policy
FX outlets in Iran now permitted to sell € 5,000 per person
The Central Bank of Iran (CBI) has announced in a directive that all foreign exchange outlets in Iran are now permitted to sell €5,000, or its equivalent in hard currency, per person, LIT media has reported. The figure was previously reduced to €3,000 from €10,000.
The CBI has repeatedly changed the rules on selling and purchasing FX in recent months following the devaluation of the Iranian rial (IRR) by around 70% in the year to date, largely due to the economic downturn and turmoil caused by the reintroduction of heavy US sanctions.
According to the directive, all purchases must be registered in the SANA system, which is the official mechanism for the secondary FX market. Iran’s policies on depositing foreign currencies at Iranian banks remained unchanged.
All dollar deposit accounts receive 4% annual interest, while the rates for euro
33 IRAN Country Report November 2018 www.intellinews.com