Iran’s frozen assets $100 billion: bank chief

Business Materials 2 February 2016 19:20 (UTC +04:00)

Tehran, Iran, February 2

By Mehdi Sepahvand -- Trend:

The total Iranian assets frozen under sanctions is about $100 billion, Central Bank of Iran President Valiollah Seif said.

He made the remarks in reaction to confusion as to the real amount of frozen assets following contradictory reports.

It was previously announced that the amount is $100 billion, which is not far from reality, he said, ISNA news agency reported February 2.

While Seif had himself earlier said the assets are $32 billion, government spokesman and head of the Planning and Budget Organization Mohammad Baqer Nobakht yesterday said the amount was $100 billion.

In his today's speech, Seif explained that $50 billion of the frozen assets is investments already made in oil projects, $22 billion is deposited in China as collateral, and $32 billion is the money that has already been freed and in Iranian possession.

He further explained that the Central Bank of Iran's share is already deposited with the Treasury in rials.

Seif also said that the National Development Fund's share of the frozen assets is 20 percent.

Iran was freed from sanctions following the implementation of the Joint Comprehensive Plan of Action (JCPOA) with the group 5+1 (the US, UK, France, Russia, China, and Germany) on January 16.