Petchem Troubles Not Bank-Related

The difficulty in transferring foreign exchange belonging to Iranian petrochemical companies from China has nothing to do with banking problems, the Central Bank of Ira’s governor said. “Petrochemical exporters might occasionally face such issues, but they are not fundamental,” Valiollah Seif was also quoted as saying by IBENA. Iranian petrochemical exporters faced hurdles in collecting revenues for their exports to China due to tougher regulations implemented by Chinese banks. While they accepted certificates of origin from their Iranian counterparts in the past, Chinese lenders now demand an official body to verify the documents.