Iran’s assets at foreign banks exceed $15.4 billion

Iran Materials 30 September 2012 16:39 (UTC +04:00)

Azerbaijan, Baku, Sep.30/ Trend F.Milad/

The value of Iran's assets deposited to banks of 39 countries amounted to $15.44 billion on March 31, 2012, the Bank for International Settlements said in its latest report.

The figure rose by $1.09 billion compared to three months ago, the Fars news agency cited the report on Sunday.

Iran's debts to the banks declined by $675 million, reaching $10.08 billion in the end of March.

At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran's oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran to get it to comply with international demands that it abandon its nuclear program, according to Reuters.

But experts say the current sanctions leave plenty of leeway for Iranian firms to operate in Europe, partly because European sanctions tend to pick specific targets rather than impose sweeping bans.

Transactions with the Iranian central bank, which settles most trade payments, are allowed if they are linked to legitimate trade, for example.