Economy, Business And Markets

Frozen Assets Released

Frozen Assets ReleasedFrozen Assets Released

All tranches of frozen assets to be transferred to Iran related to the Geneva Interim Agreement on Iran’s nuclear program have been received, said Hussein Yaqoubi, director of Central Bank of Iran’s international affairs, ISNA reported.

He said “several measures were undertaken by the CBI and United States Department of Treasury” that paved the way for the release of the assets frozen overseas. He did not elaborate.

After the ‘Implementation Day’ of the nuclear agreement-- reached between Iran and six world powers in July -- the CBI will be free of any restrictions regarding transfer of its assets.

The official stated that the regulator is taking a “calculated and careful stance” in using the assets and will focus on getting “full, unimpeded access to international markets.”

Yaqoubi’s comments came after recent reports in the local media claiming that a number of hurdles had been placed in the way of freeing the frozen assets and their transfer to Tehran. The assets estimated at $11.2 billion dollars, were to be transferred in three tranches before the July 14 nuclear accord.

Iran is also expecting other funds held by foreign governments and companies to be released soon after the sanctions formally end.