Iran Central Bank draws up plans expecting release of frozen funds

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INVOLVED IN THIS ARTICLE:

Ahmed Foruzandeh

Ahmed Foruzandeh

Ebrahim Raisi

Ebrahim Raisi

Iran’s Central Bank presented a report to the government on Tuesday about its plans to commit frozen foreign currency funds in preparation for a possible agreement with the United States, that would lift sanctions and restrictions on Tehran.

The official Islamic Republic News Agency (IRNA) reported that in a meeting of the government’s economic coordination group the issue of using freed funds in the financial system of the country was discussed as “Negotiations for reviving the JCPOA are nearing their end.”

Iran and the United States have been engaged in indirect talks in Vienna since April to find ways to revive the 2015 nuclear deal, presupposing that if an agreement can be reached the United States would lift a significant part of sanctions the Trump administration imposed when it withdrew from JCPOA in 2018.

Diplomats in recent days have reiterated that significant issues remain to be resolved, but Iran’s outgoing president Hassan Rouhani has been insisting that an agreement is near.

In the Tuesday meeting Rouhani underlined the importance of being ready for receiving and using foreign currency funds, estimated to be as high as $20 billion and frozen by South Korea, Japan, Iraq and other countries. Rouhani stressed that these funds should be used for importing “essential goods” and “raw materials” for reviving domestic production.

Iran lost most of its foreign currency earnings by US sanctions and has been struggling to keep its oil-dependent economy functioning.

Source » iranintl

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