February 22, 2021

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Iran, S Korea reach new agreement on easing money transfer

Iran, S Korea reach new agreement on easing money transfer
Iran, S Korea reach new agreement on easing money transfer

The Islamic Republic of Iran and South Korea agreed on the way of transferring and using a part of Iran’s blocked assets in South Korea.

TEHRAN (Iran News) – In a session held on Monday at the request of the South Korean Embassy in Iran, Governor of Central Bank of Iran (CBI) Abdolnaser Hemmati and South Korean Ambassador to the Islamic Republic of Iran conferred on the way of transferring and using a part of Iranian financial resources in South Korea.

At this meeting, necessary agreements were made regarding the transfer of financial resources to the desired destinations. In addition, the decisions of the Central Bank of Iran (CBI) regarding the volume of transferred financial resources and the destination banks were announced to the South Korean banks.

For his part, the South Korean ambassador to Iran announced that his country is ready to take all necessary measures to use all of Iran’s banking resources in South Korea and there are no ceilings or restrictions in this regard.

Welcoming the change of approach of South Korea, Governor of Central Bank Abdolnaser Hemmati stated that although the Islamic Republic welcomes the change in the approach of countries and increased cooperation, the legal pursuits of this bank to claim damages due to non-cooperation of Korean banks in the recent years will remain in place, so that Korean side should make its utmost effort to eliminate the negative record occurred between the two countries in this regard.

Referring to a previous visit to Seoul, Hemmati said: “A year and a half ago, I had talks with South Korean officials, including the Deputy Prime Minister and Minister of Economy, about this issue, and they promised assistance and cooperation, which unfortunately were not realized.”

After the Korean official’s visit to Iran, the two sides finally agreed that South Korea should provide the necessary monetary channels for Iran to be able to use its assets in this country for purchasing essentials goods through third countries.

  • source : IRNA

Original News : https://irannewsdaily.com/2021/02/iran-s-korea-reach-new-agreement-on-easing-money-transfer/

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