Irans frozen assets to be released next week
Governor of the Central Bank of Iran (CBI) Valiollah Seif said on Tuesday that Iran has $30 billion of frozen assets outside the country that will be unblocked next week immediately after the removal of anti-Iran sanctions following the implementation of Iran nuclear deal.
Noting that good news is to be heard, Seif said that unblocking Iran’s frozen assets and facilitating interactions with the world will improve the situation for Iran’s banking system.
He said that the unfrozen assets will be handed over to CBI immediately after the implementation of Iran nuclear deal – widely known as the Joint Comprehensive Plan of Action (JCPOA).
Asked whether the sanctions on the CBI will be removed, Seif said that the JCPOA will be implemented within the next few days for sure; therefore Iran will witness a lifting of all the sanctions imposed on the country.
About Central Bank of Iran (CBI):
General Information
“BANK MARKAZI JOMHOURI ISLAMI IRAN” is the central bank of the Islamic Republic of Iran. The Central Bank of Iran (CBI) was established in 1960 (1339 solar year). As stated in the Monetary and Banking Act of Iran (MBAI), CBI is responsible for the design and implementation of the monetary and credit policies with due regard to the general economic policy of the country. Four major objectives of CBI as stated in the MBAI are:
- Maintaining the value of national currency
- Maintaining the equilibrium in the balance of payments
- Facilitating trade-related transactions
- Improving the growth potential of the country
To achieve the objectives as stated in the MBAI, CBI is endowed with the responsibility of fulfilling the following functions:
- Issuance of notes and coins
- Supervision of banks and credit institutions
- Formulation and regulation of foreign exchange policies and transactions
- Regulation on gold transactions
- Formulation and regulation on transactions and inflow/outflow of Domestic currency
As banker to the government, the CBI is mandated to keep government accounts, grant loans and credits to state enterprises and agencies. The CBI also covers such functions as lending facilities to banks, purchase and sale of government participation papers as well as other legal banking operations.
After the Islamic Revolution of Iran laws and regulations pertaining to money and banking institutions and monetary policy design and implementation were amended to reflect the priorities and principles as set out in the Constitution of the Islamic Republic of Iran. At present, CBI is responsible for the design and conduct of monetary policy within the context of government’s five year development plan and annual budget. In line with the articles of the constitution, the monetary and credit policies are formulated and implemented in consistent with the MBAI as amended, Usury-Free Banking Act of 1983, the Banks Nationalization Act of 1979, and the Law for the Administration of Banks, of 1979.
