Azernews.Az

By Aynur Karimova

Sanctions-free Iran has gained an access to the previously frozen $100 billion of its assets over two weeks after implementing a landmark nuclear program deal.

This was announced by Mohammad Baqer Nobakht, the Iranian Government Spokesman.

"These assets have fully been released and we can use them," Nobakht told the Al-Alam news network on January 31.

The International Atomic Energy Agency, the UN atomic energy watchdog, verified on January 16 that Iran was in compliance with the Joint Comprehensive Plan of Action, paving way toward the termination of UN, EU and partial U.S. sanctions.

The bulk of the newly released funds, which were held in escrow by China, India, Japan, South Korea and Turkey, is likely to be used for various purchases or investments.

Meanwhile, Press TV cites state officials’ cognizance of "inflationary impacts" on the economy by the "sudden flush of money."

"It is likely that a certain amount which is needed is brought in. But altogether, it is not necessary because we can use it in our [overseas bank] accounts," Nobakht noted.

He estimated the government’s share at $6 billion to $7 billion out of the $100 billion, adding that the Central Bank of Iran and the National Development Fund’s shares are "much higher."

To repatriate the needed funds, CBI Governor Valiollah Seif said nine additional Iranian banks were due to reconnect to the SWIFT international payment system. The post-sanctions regime cleared 48 Iranian banks, including the CBI, to reconnect to SWIFT.

Iran expects the removal of western sanctions to enable the country to trade through international financial systems, receive its frozen assets, and resume oil trade on international markets.

In January 2016, the CBI reported that SWIFT sanction on the country’s 12 banks has been lifted.

These banks - the CBI, as well as Tejarat Bank, Refah Bank, Export Development Bank of Iran, Bank Sepah, Post Bank Iran, Bank of Industry and Mine, Iran-Europe Commercial Bank, Tose`e Ta`avon Bank (Cooperative Development Bank), Sina Bank, Bank Mellat and Bank Melli - are now eligible to use SWIFT.

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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova

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