Governor of the Central Bank of Iran Announces 'Release of Seized Currency Resources' in South Korea

Mohammad Reza Farzin, the Governor of the Central Bank of the Islamic Republic of Iran, announced on Saturday, August 12, via a post on social media platform 'X' (formerly Twitter), the 'release of seized currency resources' in South Korea. According to him, nearly seven billion dollars of Iran's currency resources were deposited in South Korean banks in the late 1990s in the form of won, the national currency of South Korea, which faced a devaluation of 'almost one billion dollars' due to the decrease in the exchange rate of the won to the dollar. The Central Bank Governor added: 'All of Iran's seized currency resources in South Korea are released, and the costs of converting this currency from won to euro have also been accepted by a third country.' John Kirby, the Strategic Communications Coordinator for the National Security Council at the White House, stated on Friday that the released Iranian funds are subject to restrictions and will only be used for 'non-military' purposes such as 'purchasing food and medicine.' According to Reuters, Kirby emphasized that the United States will closely 'monitor' how the released Iranian assets, estimated at around six billion dollars, are used and will prevent these funds from being spent on 'military purposes.' Farzin also mentioned that 'soon all these euro resources will be deposited into the accounts of six Iranian banks in Qatar and will be used for banking payments to purchase non-sanctioned goods.' He noted that 'Iran's currency resources in several other countries will also be made available soon, and news and effects of this will be observed in the market and trade exchanges.' He did not mention the names of these countries. So far, there has been no news on this matter from U.S. officials or the countries mentioned by the Central Bank Governor. Five American dual nationals detained in the prisons of the Islamic Republic were transferred to house arrest in a hotel in Tehran on Thursday, which seems to be 'a step forward' in the 'hostage exchange agreement' between the United States and Iran. Reports indicate that this agreement includes provisions for the release of Iran's blocked assets amounting to six billion dollars and the return of five dual nationals detained in Iranian prisons. Among these five Iranian-American dual nationals, Siamak Namazi, Emad Sharqi, Morad Tahbaz, and 'the fourth unnamed person' have been transferred from Tehran's Evin prison to house arrest, which the White House has confirmed. According to sources familiar with the negotiations, 'the fifth dual national,' whose identity has not been revealed, had previously been under house arrest. Meanwhile, Islamic Republic officials have stated that in this agreement, several Iranians imprisoned in the U.S. for circumventing sanctions against Iran will also be released. The reaction of newspapers to the exchange of dollars for several dual nationals; conservatives: victory without ransom; government critics: agreement out of necessity. The U.S.: the released Iranian funds are for purchasing non-sanctioned items; users: 'it's embarrassing.' Exclusive; the European Union welcomes the change in the status of Iranian-American prisoners. The Wall Street Journal: Iran has reduced the speed of 'highly enriched uranium' accumulation; the White House: we do not confirm but welcome it. A review of events on August 10 'on the path to the freedom' of dual nationals in Iran.