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Trouble for nuclear deal: Iranian banks unable to process global financial transactions.

Iran’s Central Bank Chief Warns Banking-Access Issues Jeopardize Nuclear Deal Valiollah Seif says Obama administration needs to help facilitate Iran’s banking transactions world-wide WSJ, By  JAY SOLOMON in Washington, ASA FITCH in Dubai, and BENOIT FAUCON in London April 15, 2016

Iran’s central bank governor, in a rare visit to Washington, demanded the Obama administration take more steps to facilitate his country’s banking transactions world-wide and warned the landmark nuclear agreement reached last year could be at risk if the U.S. doesn’t act.

Iranian banks have been unable to process international money transfers and finance trade freely in the months since the deal went into effect in January. Iran also has faced obstacles in repatriating tens of billions of dollars of its oil revenues that were frozen in overseas accounts under U.S. sanctions. Some Western banks have acknowledged avoiding dealings with Iran due to fears of crossing the U.S. Treasury.

The troubles have jeopardized the big economic dividend the government hoped to secure from the nuclear deal Iran and six world powers struck last July, and underscored the West’s lingering suspicion toward Tehran.

Iran agreed to scale back its nuclear program in exchange for relief from international sanctions that hurt its economy. “They need to do whatever is needed to honor their commitments,” Iran’s central bank governor Valiollah Seif said during a 90-minute presentation that came on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington on Friday. ”Otherwise, the [Iran nuclear deal] breaks up under its own terms,” he said.

Mr. Seif’s comments came a day after a face-to-face meeting with U.S. Treasury Secretary Jacob Lew that was largely focused on Iranian demands for more sanctions relief in the wake of the landmark nuclear accord, according to Iranian and U.S. officials.

The U.S. and other world powers agreed to lift most sanctions on Iran as part of the deal. But the Treasury still bars Iran from using the U.S. financial system or the American dollar…….http://www.wsj.com/articles/irans-central-bank-chief-warns-banking-access-issues-jeopardize-nuclear-deal-1460745930

April 16, 2016 - Posted by | Iran, politics international

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