Banking Problems Unrelated to JCPOA

Banking Problems Unrelated to JCPOABanking Problems Unrelated to JCPOA

A Foreign Ministry’s periodical report on the implementation of the nuclear deal dismissed domestic criticism that concessions made to the West under the historic agreement are to blame for the lingering banking problems. The accord with major powers went into effect early 2016 to place temporary curbs on Tehran’s nuclear program in exchange for removing international sanctions on Iran’s economy, including its banking industry. “The Central Bank of Iran’s assessment has traced the cause of most of the problems that continue to plague the banking sector to issues unrelated to JCPOA,” the Foreign Ministry said in the report, referring to the pact by its official title, the Joint Comprehensive Plan of Action. They are rather “linked to the US primary and non-nuclear sanctions and the regulations against money laundering”, Fars News Agency cited the report as saying. A Majlis law adopted to endorse the nuclear pact requires the Foreign Ministry to provide the parliament with quarterly reports on the action plan.

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