BAKU, Azerbaijan, October 13
By Elnur Baghishov – Trend:
As a result of negotiations with Iraq, the Islamic Republic of Iran has reached an agreement to release the financial resources of the Central Bank of Iran (CBI) and ensure the import of essential products from these reserves, Director General of the Central Bank of Iran (CBI) Abdolnasser Hemmati wrote on his Instagram page, Trend reports.
Hemmati said that yesterday on Oct.12, the discussions were carried out with the Prime Minister of Iraq, the Minister of Finance of Iraq, the Director-General of the Central Bank of Iraq, and the Director of the Trade Bank of Iraq.
The director-general added the Islamic Republic of Iran possesses significant financial resources at Iraqi banks, as a result of its electricity and gas exports to Iraq.
According to the agreement, Iran will be able to use its financial resources, the director-general stressed.
Iran exports 32 million cubic meters of gas and more than 1,000 megawatts of electricity to Iraq daily.
As reported, the value of Iran's annual gas exports to Iraq amounts to $5.2 billion, and electricity exports to $800 million.
The US imposed new sanctions on Iran in November 2018. Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies, and individuals. The sanctions have cut off Iran's banking ties with many countries. Iran intends to implement several plans to return or use the currency earned from exports.