Iran’s Central Bank bans POS devices overseas

Financial Tribune – As part of efforts by the Central Bank of Iran to crack down on capital flight which the banks partly blame for the currency market volatility, the CBI is enforcing its decision to ban all Iranian POS machines operating abroad.

According to IBENA, a news website affiliated to the CBI, the ban has been notified by the CBI and its affiliate company Electronic Card Payment Network System (Shaparak).

CBI Governor Abdolnaser Hemmati had earlier criticized the existence of POS devices in neighboring countries such as Iraq and Afghaniastan as well as in western countries that have large Iranian diaspora like Canada, saying that currency trade by exchange bureaux in those countries is causing capital flight.