Iran to receive $32B of frozen assets

Business Materials 17 January 2016 12:02 (UTC +04:00)
Some $32.6 billion of assets frozen in overseas banks will be released as a result of sanction removal

Baku, Azerbaijan, Jan. 17

By Umid Niayesh- Trend:

Some $32.6 billion of assets frozen in overseas banks will be released as a result of sanction removal, Valiollah Seif, head of the Central Bank of Iran (CBI), said.

About $28.1 billion of the amount belongs to the CBI, meanwhile the government owns $4.5 billion of the assets, Seif said, Iran's Fars news agency reported Jan. 17.

He further said that the central bank will use the assets to support the production sector and stabilize the foreign currency market.

The bank will also use the assets to develop exports and create jobs in the country, Seif added.

Some part of the released assets will be used for imports of essential goods, he said.

It is illogical to bring all the released money into the country, Seif said, adding it can be deposited in safe accounts abroad to be used as required.

The international sanctions imposed on Iran with regard to its nuclear program have been removed as the Joint Comprehensive Plan of Action (JCPOA, aka nuclear deal) entered the implementation phase on Jan. 16.

Iran and the P5+1 group of countries (the US, France, the UK, Germany, China, and Russia) in July 2015 agreed a landmark nuclear deal to curb Tehran's sensitive nuclear activities in return for the lifting of international sanctions on the Islamic Republic.

The IAEA has been given the role of verifying Iran's commitments under the deal.

There where speculations that the value of the country's assets frozen in overseas banks due to sanctions amount to above $100 billion, meanwhile Iranian officials have repeatedly rejected these huge figures.

Russian Tass quoted a US officinal Jan. 17 that the amount is about $50 billion.