Official rejects rumors of Iran-China $400 billion credit line

Tehran, Iran, Sept.19

Trend:

No Iranian or Chinese official has confirmed the sign of $400 billon deal or receiving the loan so far, said the head of money and capital market in Tehran Chamber of Commerce.

Feriyal Mostavafi rejected some of the news over possible launch of Iran and China $400 billion credit line and discussed the issue in an interview with Trend.

"I have announced in the chamber of commerce meeting on September 17, that Chinese company which has trades with us, told me that Iran and China have signed a contract. When I asked about their source, they cited Petroleum Economist and Mashreqh News," she said.

"I have asked the head of chamber to follow the accuracy of the news, but all the media have quoted me over the launch of $400 billion Iran and China credit line," she added.

" Iran and China's highest trade turnover was around $50 billion, the positive trade had profit for Iran, since the country exports oil to China," she said referring to volume of trade between the two countries.

"Currently, due to the sanctions, Chinese have stopped trading with us like many other countries, and even Bank of Kunlun that used to work with us is now cooperating only in transaction of non-sanctioned and humanitarian items," she noted.

"Many Chinese companies have left Iran, while others will not invest. They are not ready to work with Iran due to the US sanctions against Iran's steel, mine and petrochemical industries; therefore, the volume of trade has become far less than before," she added.

"Previously, China purchased 600,000 barrels of oil per day from Iran, and now the volume is far less," she indicated.

"Iran-France credit line that was suggested by the French President Emanuel Macron is still being reviewed. France has suggested $15 billion to be paid to Iran for oil presale, but it wants to get permit from the US and the situation is still not clear," she said referring to the Iran France credit line.

"There have been also agreements between Iran and Russia, and it is expected that Iran and Russia will trade with rial and ruble," she said referring to Iran and Russia banking relations.

The governor of the Central Bank of Iran (CBI) has recently said that Iran’s financial telecommunications system known as SEPAM has replaced the Society for Worldwide Interbank Financial Telecommunication (SWIFT) in the country’s financial transactions with Russia.

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