Economy, Business And Markets

Full Access to $100b

Full Access to $100b  Full Access to $100b

Iran now has access to about $100 billion of its frozen overseas assets following the implementation of the nuclear deal with world powers, said Mohammad Baqer Nowbakht, the government spokesperson on Sunday.

“These assets have been released and we can use them,” Nobakht told Iran’s Al-Alam television network.

“Much of the money had been piling up in banks in China, India, Japan, South Korea and Turkey since sanctions were imposed over Tehran’s nuclear program,” he added.

Nine more Iranian banks were to re-connect to the SWIFT early Monday, Governor of the Central Bank of Iran Valiollah Seif said.

To move the money back home, Iran had to use international banks but they were unable to process Iranian transactions since the country was cut off from the SWIFT financial-transactions system.

However, the bulk of the $100 billion will not be sent home. State officials are cognizant of the inflationary impacts which a sudden flush of money of such magnitude could have on the economy.

Iran is likely to move the funds into various directions abroad for imports and investments.

Nobakht said, “There is no need to bring the money in. It is likely that a certain amount which is needed will be brought in. But all said, it is not necessary because we can use it in our (overseas bank) accounts.”

The spokesman also said much of the money released belongs to the CBI and the National Development Fund.

“The government’s share is about $8 billion and the share of the CBI and the National Development Fund is much higher.”