The exchange rate of monetary items of foreign currency assets and liabilities was announced

The exchange rate of monetary items of foreign currency assets and liabilities of banks and non-bank credit institutions for financial reporting up to the end of the fiscal year is 1400, equivalent to 220,000 Rials per Euro and 200,000 Rials per Dollar. America determined.

Accordingly, in the case of other currencies, it should be determined on the basis of its exchange rate in euros at the end of March 1400.

Also, according to the notification circular, the profit (loss) resulting from the exchange of monetary items of foreign assets and liabilities should be transferred to the profit and loss account at the end of the fiscal year. If the remainder of the heading “Accumulated profit and loss account” of a bank or non-bank credit institution represents a profit before the allocation of reserves, the said profit shall not be considered as distributable profit up to the amount of foreign exchange profit (after eliminating possible tax effects). The capital of that bank and non-bank credit institution. In addition, if the remainder of the heading indicates a loss, the profit from the exchange of foreign exchange assets and liabilities will only reduce the accumulated loss.
Meanwhile, other notification criteria in Circular No. 450508/98 dated 12/28/98 remain in force.