Hemmati said the channel will serve as a monetary agreement between Iran and Europe, adding that the two sides discussed the details of the channel in a meeting held last week in Brussels, Press TV reported.
“The channel is to be established based on a common understanding that Iranian and European businesses are eager to maintain their ties despite the US sanctions,” he noted.
Iran and Europe, Hemmati added, decided to establish a special payment channel to facilitate transactions between their businesses. “Through the channel, the two sides’ exporters can obtain their foreign exchange income,” he said.
The governor said Iran and Europe want to make the channel operational as soon as possible, adding, the details of the financial mechanism will be released in the near future.
The channel was first presented in a ministerial meeting between Iran and European signatories of the JCPOA held in New York in September.
US President Donald Trump announced in May that Washington was pulling out of the Iran nuclear deal which lifted nuclear-related sanctions against Tehran in exchange for restrictions on Tehran's nuclear program.
A first round of American sanctions took effect in August, targeting Iran's access to the US dollar, metals trading, coal, industrial software, and auto sector. A second round, forthcoming on November 4, will be targeting Iran's energy sector and financial transactions.