Iraq to expedite release of Iranian funds

According to Ehsan Khandouzi, the finance minister of Iran, Iranian funds that have been held back in Iraq due to US sanctions in recent years would be released "in the shortest time possible" as a result of a new agreement signed between Iran and Iraq.

Iran (IMNA) - The Central Bank of Iran (CBI) will soon have access to more than $10 billion worth of Iranian cash in the Arab nation, according to a pledge made by the Iraqi government, according to Khandouzi, speaking to Iran's official IRNA news agency on Wednesday.

He said that in order to provide CBI access to the money kept in accounts at the Trade Bank of Iraq (TBI), the Iraqis must obtain permission from the US administration.

According to the minister, the CBI would be allowed to utilize the money in the TBI to pay for products being imported into Iran.

The remarks came more than a week after officials from the Iranian Oil Ministry declared that Iraq was no longer in default on its prior natural gas purchases from Iran.

According to statements made by US government representatives, Iraq has been given permission to release the cash so that it may keep importing the gas it needs to provide energy.

As reported by a prominent Iranian businessman with knowledge of the situation, Iraq has paid the majority of its obligations to Iran into two TBI accounts that are managed by the country's national gas and energy firms.

However, according to Jahanbakhsh Sanjabi, secretary of the Iran-Iraq Joint Chamber of Commerce, Iraq will still require a permit from the US to convert the money to US dollars.

News ID 671672


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