Money transfer fees to Iran decreases
Baku, Azerbaijan, Apr. 19
By Khalid Kazimov – Trend:
The money transfer fees to Iran have considerably reduced, following the implementation of the Joint Comprehensive Plan of Action (JCPOA aka nuclear deal), an Iranian banker said.
Ali Salehabadi, the head of Export Development Bank of Iran, has said that the international money transfer fees to Iran has dropped by eight percent, Ibena (Iranian banks and economy news agency) reported.
Before the implementation of the JCPOA last January, individuals and entities had to pay 11 percent of the total transaction amount, which over the past year has dropped to three percent.
Over the past decade, in a bid to curb Iran's nuclear program, international community took measures against Tehran, including restrictions imposed on the country's financial system, as well as its connection to the worldwide financial system, which had a catastrophic impact on Iranians' economic situation and life conditions.
Iran was reconnected to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) following the removal of sanctions on Tehran in January 2016.