The latest update of regulations concerning foreign currency deposits in banks has been released by the Central Bank of Iran, according to which banks are required to return the original amount of the deposit plus its interest in hard currency to the customer upon demand.
The bank emphasizes that if the customer had made his or her deposit in a foreign currency, the bank is obliged to pay the deposit and/or its interest in the same currency.
The announcement would remove fears by some customers that if they deposited in a hard currency in a bank or financial institutions, at the time of withdrawal, the bank would offer them the equivalent in rial.
As the Iranian currency is prone to fluctuations, investors are wary of parking their foreign currency in banks, fearing they would lose their money. Another reason hard currency deposits in banks was the country's multiple exchange rate system whereby banks choose to convert hard currencies at lower rates.
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