Iran to use first portion of released assets to buy food and medicine, settle debts

Business Materials 1 February 2014 16:17

Baku, Azerbaijan, Feb.1

By Fatih Karimov - Trend: Iran will use the first portion of its released assets to buy food and medicine and settle debts to international organizations, the Fars News Agency quoted an official of the national banking system as saying on February 1.

According to prior agreements, Iran is scheduled to receive the first $550 million installment of a total of $4.2 billion in previously blocked overseas funds on or about February 1, the official said, adding that the payment may be delayed to Feb.3 due to weekend holidays.

The money will be transferred to Iran as part of the implementation of the nuclear deal reached with it in Geneva on November 24.

The first $550 million will be transferred on February 1, and will be followed by another $450 million on March 1, Reuters reported on Jan.13.

Other installments of $450 million and $550 million each will follow until July 20.