The head of the Central Bank of the Islamic Republic of Iran announced that the blocked funds of this economic institution in three countries—Japan, South Korea, and the United Arab Emirates—amount to $23 billion. According to the IRNA news agency, Valiollah Seif, speaking to reporters on Thursday, July 15, also stated that $6 billion of Iran's resources are in India, but these resources belong to the government and have not yet been transferred to the Central Bank's ownership. This figure comes as a result of the agreement reached on Tuesday between Iran and world powers in Vienna, which paves the way for the release of billions of dollars of Iran's blocked oil revenues. The amount of these blocked revenues was previously stated by the head of the Tehran Chamber of Commerce to be 'around $100 billion.' Meanwhile, some domestic media have reported this amount to be as high as $120 billion. However, Ali Tayebnia, Iran's Minister of Economy, emphasized on Wednesday that this figure is exaggerated. According to Fars News Agency, Mr. Tayebnia told reporters on the sidelines of a government meeting, 'Regarding the figures of foreign assets that are supposed to return to Iran's economy, there have been amounts mentioned that are not true... The $120 billion figure of Iran's blocked assets mentioned by some media is incorrect.' He further stated, 'About $35 billion of these assets are invested in Niko Company, related to oil company projects, and about $22 billion is in China as financing collateral, which if you evaluate all these amounts, you will arrive at the figure mentioned by the head of the Central Bank.' Previously, with the temporary Geneva agreement in December 2013, part of Iran's blocked oil revenues in South Korea, Japan, and India was released, and now with the comprehensive nuclear agreement in Vienna, all these revenues will be freed. According to the head of the Central Bank of Iran, the bank's brokerage relationship with global banks will be reestablished in four to five months, and SWIFT (the global interbank financial communications network) can now begin its operations related to Iran.
Seif: The Central Bank of Iran's Blocked Assets Amount to $23 Billion
The head of Iran's Central Bank announced that $23 billion of its assets are blocked in Japan, South Korea, and the UAE, with an additional $6 billion in India. This comes as a new agreement with world powers is set to release billions of Iran's previously blocked oil revenues. The accuracy of the total blocked assets is debated, with figures ranging from $100 billion to $120 billion.
👥 Key Players
📰 What Happened
The head of Iran's Central Bank announced that $23 billion of its assets are blocked in Japan, South Korea, and the UAE, with an additional $6 billion in India. This announcement coincides with a new agreement with world powers that is expected to release billions of previously blocked oil revenues.
- $23 billion of blocked assets are in Japan, South Korea, and the UAE.
- The total blocked assets figure is debated, with estimates ranging from $100 billion to $120 billion.
💡 Why It Matters
📚 Background
Iran has faced significant economic challenges due to international sanctions, which have blocked access to its foreign assets. The recent negotiations in Vienna aim to address these issues and potentially restore Iran's economic stability.
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