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Released Assets Under Central Bank Control

Released Assets Under Central Bank ControlReleased Assets Under Central Bank Control

Iran’s released assets are under full central bank control, said the bank’s deputy governor, and having the funds abroad makes it easier to use.

Iran has over $100 billion of its assets frozen overseas by sanctions placed by the West against Tehran over its nuclear energy program. Over $7 billion of the blocked assets however were released in small installments since last year as part of a deal reached between Iran and world powers in November 2013 to settle the dispute over the Tehran’s nuclear activities.

“All the installments of our assets that were released have been received and are now under our control,” Gholamali Kamyab said on Sunday. “The funds are usable at our discretion and are in no way under third party control.”

Iran is under the most stringent sanctions regime set by the United States, the European Union and the United Nations. The country is negotiating with the six world powers known as the P5+1 seeking to address international concerns over its nuclear program and persuade the West to lift the sanctions. Iran and the US, Britain, France, Germany, China and Russia reached an interim settlement in November 2013, and are currently negotiating a final, comprehensive deal.

In response to allegations in the media that ground gained during the nuclear talks were for naught and Iran’s released oil revenues were actually blocked in other countries – otherwise the funds would be transferred to Iran, Kamyab said, “Receiving the money doesn’t mean bringing the money into the country, because the money is only useful when it’s used for foreign payments.”

“Since the nuclear deal last year banking operations have been slightly eased,” said the deputy governor. Payments for basic imported goods are done with ease, whereas ships had to stay at port for long periods, waiting for their payments, before the nuclear talks bore fruit.

Financialtribune.com