Iran's Central Bank Bars Use of GAM Notes to Buy Shares

In a circular reported on Monday, 19 October 2026, the Central Bank of Iran told banks that GAM notes and electronic bills may be issued only against genuine, finalized goods or services transactions in production supply chains. The issuing bank must check the electronic invoice against the tax authority's taxpayer system before issuing or transferring the instrument. The circular bars their use to buy shares, pay dividends or purchase other financial assets. It makes the issuing bank responsible for checking the transaction documents, defining where production-chain credit may be used.