Iran finds new arrangements for bank transfers

By  Trend

A member of the Iranian Chamber of Commerce’s International Committee said several Chinese banks have been active in the Iran-China trades.

Pointing to the Iran Central Bank’s efforts to establish banking relations with several banks in the world, Sayed Hussain Salimi said: "Iran is currently providing money transfer paths to China, India, South Korea and some other countries."

"In addition to Kunlun Bank, several other Chinese banks have announced readiness for money transfers with Iran," said Salimi, Trend reports citing Iranian media.

He stressed that the Central Bank’s efforts to circumvent banking sanctions continue.

On Jan. 31, three European countries – France, Germany and the UK (shortened as E3) – officially announced the creation of the Instrument in Support of Trade Exchanges (INSTEX), a special purpose vehicle, to allow them bypass US sanctions on trade with Iran. INSTEX facilitates non-dollar trade with Iran, allowing European companies to trade with the Islamic Republic without being hit by the sanctions.