Iran Preparing Law for Collection of Transit Fees in Strait of Hormuz

Aliadeh Boroujerdi, a member of the Iranian Parliament's Committee on National Security and Foreign Policy, has announced the drafting of a new law that will establish regulations for transit through the Strait of Hormuz. The representative from the Islamic Republic’s Majlis (Parliament) informed that numerous meetings have been held to discuss the international and legal aspects of the "Security Plan for the Strait of Hormuz."

The parliamentary press service quoted the lawmaker as saying, “This plan will be adopted as a mandatory law immediately after the opening of the Parliament and will be sent to the government for implementation.”

According to Boroujerdi, the Central Bank of Iran has already opened four special accounts in Iranian rials, yuan, dollars, and euros to collect transit fees. However, after the launch of the digital currency infrastructure, a mandatory requirement will be established to make payments in rials.