Central Bank of Iran Opens Dedicated Accounts for Hormuz Toll Payments: "Payments Accepted in Dollar, Yuan, and More"

Four Separate Accounts Opened for Each Currency
Concerns Mount Over Permanent Strait of Hormuz Tolls

Reuters Yonhap News

The Central Bank of Iran has reportedly opened special accounts that allow for the payment of Strait of Hormuz transit fees in four different currencies: the Iranian rial, Chinese yuan, US dollar, and euro. Concerns are mounting that Iran will continue to collect transit fees in the Strait of Hormuz even after reaching an armistice with the United States.

According to Al Jazeera on the 27th (local time), Alaeddin Boroujerdi, a member of Iran's parliamentary National Security and Foreign Policy Committee, stated in an announcement, "The Central Bank of Iran has opened four special accounts in rial, yuan, dollar, and euro." He added, "According to the published guidelines, the tolls imposed on vessels passing through the strait by the Islamic Revolutionary Guard Corps (IRGC) Navy will be deposited into these accounts."

Previously, on the 23rd, the Central Bank of Iran announced that the transit fees collected in the Strait of Hormuz had been deposited in the country's own currency, the rial. The Iranian government has introduced a bill to the plenary session providing the legal basis for collecting transit fees in the Strait of Hormuz. There are growing concerns that Iran will continue to collect these transit fees even after reaching an agreement to end hostilities with the United States.

However, there is uncertainty as to whether Iran will be able to continue collecting these fees, as the United States and the broader international community are pushing back against this measure. On the same day, US Secretary of State Marco Rubio strongly criticized Iran in an interview with Fox News, stating, "Iran's so-called 'openness' of the strait means that passage is only allowed through negotiation and with permission; otherwise, there is a threat of attack, and vessels are required to pay a fee. That is not true openness of the strait."

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