Baku, Azerbaijan, Apr. 28
By Emil Ilqar – Trend:
Iran has been switching money transactions of foreign trade turnover from Persian Gulf countries to Russian and Turkish banks, CEO of Central Bank of Iran Valiollah Seif announced on Apr.28.
Iran used to clear its debts of imports and receive its export revenues through Oman’s banks.
Reaching a permanent nuclear deal between Iran and P5+1 Group (US, UK, France, Russia, China plus Germany) in 2014, allowed Iran to get a part of its blocked oil revenues ($12.6 billion) in India, South Korea and Japan through Omani banks.
After full removal of sanctions in January 2016, Iran’s total blocked assets abroad were released and the country is currently able to receive them through euro or other non-USD currencies.
Seif said that Iran’s bank transactions were concentrated in Persian Gulf nations’ banks, but currently Iran is switching to Turkey, Russia and other countries.
Iran currently exports about 2.4 million barrels per day of crude oil and gas condensate as well as 450,000 b/d of gas oil, fuel oil and LPG.
It also exports $36.6 billion worth of non-oil exports and imported 43.7 billion worth of goods during last fiscal year, ended on March 20.
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