Iran Gets Access to Frozen $100Bln in Assets After Sanctions Relief

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Iran can now access the previously frozen $100 billion of its assets over two weeks after implementing a landmark nuclear program deal, government spokesman Mohammad Baqer Nobakht told national media.

MOSCOW (Sputnik) – The UN atomic energy watchdog IAEA verified on January 16 that Iran was in compliance with the Joint Comprehensive Plan of Action (JCPOA), paving way toward the termination of UN, EU and partial US sanctions.

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

The bulk of the newly released funds – held in escrow by China, India, Japan, South Korea and Turkey – is likely to be used for various purchases or investments, according to the Press TV broadcaster. It 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 was quoted as saying.

Iran's President Hassan Rouhani gestures at the conclusion of his press conference, in Tehran, Iran, Sunday, Jan. 17, 2016. The implementation of a historic nuclear deal with world powers is expected to pave the way for a new economic reality in Iran, now freed from harsh international sanctions - Sputnik International
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He estimated the government’s share at $6 billion to $7 billion out of the $100 billion, adding that the Central Bank of Iran (CBI) 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.

Nobakht estimated oil and condensate production at 2.25 million per day next year, with 500,000 barrels earmarked for export.

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