All Iranian money blocked in South Korea freed: CBI chief

Governor of the Central Bank of Iran (CBI) said Saturday that all Iranian money frozen in South Korea was released and will be transferred to accounts of Iranian banks in Qatar soon.

The CBI governor Mohammadreza Farzin wrote in post on social media on Saturday that "Unfortunately, nearly $7 billion from our country's foreign exchange resources were transferred to South Korean banks in Won (South Korea local currency) over the past years, and no interest was paid to it. Even during all these years, due to depreciation of the Won against the dollar, nearly $1 billion of it faced a decrease in exchange value."

"Anyway, through technical follow-up and successful diplomacy, all Iran's seized foreign currency resources in South Korea were freed and the expenses of its converting from Won to euros were also accepted by the third country," the top Iranian banking official said.

"Accordingly, soon all these euro sources will be deposited into the accounts of 6 Iranian banks in Qatar and will be used as bank payments for purchasing non-sanctioned goods. The rest of these resources, in case of a deposit, will receive bank interest," Farzin further noted.

News ID 195868


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