New US sanctions against CBI do not affect Iran's market

Tehran, Iran, Sept.23

Trend:

The US sanctions against Central Bank of Iran will not have significant effect on market, said an Iranian economy professor at University of Tehran.

Vahid Shaghaghi discussed the new US sanctions against the Central Bank of Iran (CBI) in an interview with Trend.

"The Central Bank of Iran was once sanctioned before by the US and the bank moved out of dollar system," he said.

"The previous US sanctions against the Central Bank of Iran was to remove it from the dollar system that meant that no company or US organization had the right to be engaged in economic trade with Iran. The CBI was part of Specially Designated Nationals (SDN) sanctions during previous years," he said referring to old sanctions.

"The new sanction will not effect the CBI plans much, since it does not transact money, and other banks do the financial activities; therefore, the sanctions are more effective against Iranian banks than against the Central Bank," he added.

"The Specially Designated Global Terrorist (SDGT) sanctions indicate that any company or individual included in this list will be under the SDN list, so Americans do not have the right to trade with them; otherwise, they will be removed from dollar system," he said.

"The central banks of countries in the world do not have banking transaction, so the sanctions do not have effect our financial trade; they rather present a political and symbolic act," he indicted.

"The next US President will have a difficult task to remove Central Bank of Iran from the SDGT list. While America accused CBI of supporting terrorism, it has not proven it," he said.

"The issue will not have considerable effect on Iran's market, as the bad news of more sanctions were already discussed last Iranian year [started March 21, 2018] and the market reacted to it. Thus, it does not have any significant psychological effect either," he said referring to theeffect of sanctions on Iran's market.

"CBI is a sovereign organization and there are other Iranian banks that work and trade with global banks. For example, in recent Iran's negotiations with Russia and Turkey, it was agreed their banks can have financial trade with their national currency outside the dollar system," he added.

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