News ID: 235639
Published: 0404 GMT December 11, 2018

CBI: Currency swap underway with several countries

CBI: Currency swap underway with several countries

Iran has launched financial channels with a number of countries to conduct money transactions to confront the US sanctions, Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati announced on Tuesday.

"Practically, currency swapping treaties have been signed between Iran and some countries and this will be strengthened in the future," Hemmati said, reported Fars News Agency.

He described the launching financial channels between Iran and several countries to exclude dollar from Iran's trade with those states as an important step to confront US economic sanctions against Tehran.

Early in November, Hemmati said that the US had failed in its efforts to cut Iran's oil revenues to zero with sweeping sanctions, while the country was ready to encounter even worse conditions.

Hemmati made the point posting a message on his Instagram page, underlining that it was no secret any more that the US had failed to carry out its earlier threats to push down Iran's oil sales to zero under various pretexts.

"The Central Bank of Iran has developed various plans to cope with the worst-case scenarios after the second round of the US sanctions is carried out. Meanwhile, we have managed to build up our foreign exchange reserves over the past months," he said.sss

   
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