Mohammad Reza Nematzadeh: Iran's Foreign Reserves are Between $115 to $125 Billion

Mohammad Reza Nematzadeh, Iran's Minister of Industry, Mine and Trade, said on Friday, July 23, that Iran will likely join the international electronic payment system (SWIFT) three months after the lifting of sanctions. Speaking on the sidelines of the 'Iran and Europe Trade and Investment' conference in Vienna, Mr. Nematzadeh also stated, 'Iran's total foreign reserves are between $115 to $125 billion, which includes assets in the National Development Fund.' Reuters added that the Iranian Minister provided details about the country's foreign reserves on the brink of entering a post-sanction era. The volume of these reserves and how they will be used for the reconstruction of Iran's economy after sanctions is very important. The report further states that Western sanctions, especially against the international electronic payment system (SWIFT), have prevented Iranian banks from transacting with foreign banks, effectively cutting off their connection to the international network. The Iranian Minister emphasized that with the lifting of sanctions, international banks will gradually resume transactions with Iranian banks. According to him, such connections will be established in less than three months. In response to reporters' questions for more details regarding the timeline for re-establishing relations between international banks and Iran's banking system, he clarified that he meant three months 'from the time of (lifting) sanctions.' Iran and six world powers reached a comprehensive agreement ten days ago to resolve Tehran's nuclear dispute, under which Iran agreed to limit its nuclear program in exchange for the lifting of most international sanctions against it. In his speech at the 'Iran and Europe Trade and Investment' conference in Vienna, the Iranian Minister announced that the Central Bank of Iran's foreign reserves, derived from the country's oil and gas exports, amount to approximately $90 to $100 billion. Part of Iran's oil and gas export revenues is deposited into the National Development Fund, established in 2011, which currently has reserves between $20 to $25 billion. Since the intensification of sanctions against Tehran in 2011, Iran has lost access to a significant portion of its assets. American officials say that about $100 billion of Iran's assets are blocked and frozen. Meanwhile, Akbar Komijani, the Deputy Governor of the Central Bank of Iran, stated that the amount of Iran's frozen assets is about $29 billion, of which approximately $23 billion belongs to the Central Bank and $6 billion belongs to the government.