It is becoming increasingly vital in Iran, with its economy squeezed by US sanctions, to strike a semblance of financial stability. With that in mind, the Central Bank of Iran (CBI) has in recent months started implementing a series of measures in the country’s payment systems to better manage the monetary and foreign currency markets.
The new measures, which reportedly take aim at both card-present and card-not-present transactions, are hoped to increase transparency, combat money laundering and fraud, and strengthen the national currency. They are being realized under CBI Governor Abdolnaser Hemmati.