European efforts to operate INSTEX accelerated: CBI Chief

Head of Central Bank of Iran Abdolnaser Hemmati, referring to the acceleration of European efforts to operate the Instrument in Support of Trade Exchanges (INSTEX), said that the INSTEX has of course only a limited contribution to the Central Bank's strategy in the foreign exchange market, and there are many other programs in the area of ​​foreign exchange relations.

Hemmati said in a memo on his personal page on the Instagram network that the infrastructure of the corresponding mechanism of the INSTEX has been totally completed by the central bank of Iran, adding, "The news reports signaled the acceleration of the European efforts to operate the INSTEX.

The CBI chief stated that under the current circumstances it is necessary to explain a few points to the Iranian people, adding, "For the stable performance of INSTEX It is necessary in the first place not to be based on a channel under the US sanctions regime, but a channel based on the JCPOA and all transactions that were allowed within the framework of the JCPOA, can be done through it.”

Hemmati noted, "In the second step, the channel may initially include all unsanctioned goods, but later its range should extend to all commodities."

Noting INSTEX’s sources will be provided by oil exports to Europe, the top banker underscored, “If Europe also temporarily has problems in purchasing Iranian oil, a long-term credit line with future- repayment for oil would be an interim solution, and the Europeans themselves in talks have referred to a solution like that."

The head of the CBI emphasized, "Of course, there are many patterns for the presence of other supporters in the INSTEX or similar independent mechanism are developing.”

News Code 190524

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