A sum of $11.8 million had been stopped from leaving Switzerland after being frozen between 2007 and 2012, as part of a sanctions programme against Iran to attempt to force the country not to develop and build an atomic bomb.
After decades of negotiation, many United Nations (UN) sanctions were eased in January 2016 after a milestone nuclear deal was reached in 2015, meaning the money could be released, Swissinfo reported.
A spokesperson for the State Secretariat for Economic affairs (Seco) confirmed on Sunday that the money had been unfrozen. It belonged to either individuals, companies or government-owned institutions.
The nuclear deal also opened up Iran to new international business opportunities, some Swiss firms are hoping it could lead to a fresh market outlet.
Other today Economical news
Iran eyes 1bcm gas from SP Phase 14 by March 19
Iran bans re-export of Turkish food products to Russia
World Economic Forum wraps up in Davos with oil prices, Iran in limelight
Peugeot likely to finalize Iran deal Wednesday
Economist: Six percent economic growth available next year
Russia, Iran to negotiate joint venture investment in food trade
115 companies to attend Kish Exhibit of Investment Opportunities
Iran rejects news report about US opposition to Iran joining WTO
CBI deputy governor: Economic growth rate to improve in last quarter of this year
Poland envoy calls for expansion of economic cooperation with Iran
