Iran: $100B in Assets 'Fully Released' Under Nuclear Deal

Source: Associated Press

Iran said Monday it now has access to more than $100 billion worth of frozen overseas assets following the implementation of a landmark nuclear deal with world powers.

Government spokesman Mohammad Bagher Nobakht said much of the money had been piling up in banks in China, India, Japan, South Korea and Turkey since international sanctions were tightened in 2012 over Tehran's nuclear program.

Iran's semi-official ISNA news agency meanwhile quoted central bank official Nasser Hakimi as saying nine Iranian banks are now reconnected to SWIFT, a Belgian-based cooperative that handles wire transfers between financial institutions. No foreign banks operate in Iran, and ATMs in Iran are not yet linked to the global system.

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"These assets ($100 billion) have fully been released and we can use them," Nobakht said in comments posted on the website of state-run Press TV. He said much of the money belongs to Iran's central bank and National Development Fund. He said Iran will not bring all the money back because it can be spent on purchasing goods.

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