Central Bank of Iran halts luxury car import currency allocations

The Central Bank of Iran has signaled a crackdown on the luxury car import market to prevent currency speculation and rent-seeking. In communications with the Ministry of Industry, Mine and Trade, the Central Bank expressed strong opposition to current import practices, stating it will refuse to issue SATA codes—the essential currency allocation codes required for customs clearance—if these methods persist.

This move follows reports of a growing black market where individuals exploit legal loopholes by trading residency cards to bypass import restrictions intended for Iranians living abroad. Advertisements have highlighted massive potential profits, sometimes reaching tens of billions of tomans, for importing high-end models such as the Lexus LX700 Hybrid, BMW 735, and Mercedes-Benz S-Class.

By withholding SATA codes, the Central Bank aims to protect national foreign exchange resources and maintain currency stability, effectively halting schemes designed to create artificial demand and facilitate non-transparent outflows of capital through the luxury vehicle sector.