Iranian central bank to set up special committee to collect frozen assets released after nuclear deal

Business Materials 2 December 2013 11:27 (UTC +04:00)

Baku, Azerbaijan, Dec.2

By Fatih Karimov - Trend: The Central Bank of Iran will set up a special committee after the recent nuclear deal with the P5+1 to collect Iran's assets frozen by foreign banks, the Tasnim News Agency quoted central bank governor Valiollah Seif as saying on December 2.

The committee will be formed next week, he added.

It is not possible to release the entire frozen assets in a short time, Seif said.

On November 30, IRNA quoted senior Iranian negotiator Abbas Araqchi as saying Iran will get access to $15 billion of its blocked petrodollars for a period of six months after the Geneva nuclear deal comes into effect.

Some $10 billion of the sum will be available for importing food and medicine, he said.

Moreover, around $4.6 billion will be deposited to the Central Bank of Iran and $400 million will be used to pay tuition fees of Iranians studying abroad, he added.

A landmark nuclear deal Tehran recently clinched with six world powers in Geneva will take effect in late December, Iran's nuclear boss Ali Akbar Salehi said, Press TV reported.

In exchange for Iran's agreeing to limit certain aspects of its nuclear activities, the United States and its allies have agreed to lift some of the existing sanctions and let Tehran reap as much as $7 billion in relief from economic sanctions over six months.

The Geneva accord would temporarily lift White House executive orders of July 2012 and June 2013 that imposed penalties on countries that trade petrochemicals with Iran.