Iran implements cash transit fees for vessels in Strait of Hormuz
via Egypt Today1 min read
The Central Bank of Iran has announced a new regulatory approach for financial transactions in the Strait of Hormuz, initiating the collection of transit fees from commercial vessels and tankers. These mandatory fees are for vessels obtaining official transit permits and are charged in exchange for "security and insurance services" provided by the state. Iranian financial authorities confirmed that the revenue from these levies must be delivered exclusively in cash. Regional observers suggest this measure aims to secure immediate and direct access to foreign currency, bypassing international banking transfers and restrictions on the Iranian financial system. The Central Bank stated that fees will not be fixed but determined through a technical evaluation based on cargo type and quantity, and specific security risks associated with each voyage.
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This summary was AI-generated from a story originally published by Egypt Today.
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