The Iranian cabinet in a directive mandated on Monday the Central Bank of Iran (CBI) to control the level of foreign obligations and debts as not to exceed US$ 30 billion during the Fourth Five-Year Development Plan (March 2005-2010).
According to IRNA, the Plan and Management Organization (MPO) reported that the directive has "authorized" new foreign exchange accounts which are opened at Iranian and foreign-based banks with the aim of facilitating trading and investment activities should be approved by the CBI and be in accordance with other regulations.
Iran's forex revenues is expected to increase to US$ 46 billion - US$ 50 billion in the 2005-06 fiscal through the sale of oil and purchase of foreign exchanges from customers.
The CBI expects to buy US$ 12 billion - US$ 14 billion from foreign exchange customers. The national banking network bought about US$ 10 billion from customers last year.
