’$2.7b of Iran’s frozen assets in Iraq released’
The chairman of the Iran-Iraq Joint Chamber of Commerce said on Saturday that part of Iran’s assets frozen in Iraqi banks has been reportedly released by the Arab country.
Yahya Al-e Es’hagh said that the neighboring country has released $2.7 billion, which is part of Iraq’s debt to Iran.
Al-e Es’hagh said that parts of the assets have been allocated for the provision of funds needed by Iranian Hajj pilgrims and the rest has been used for purchase of essential commodities for the country. However, he said that the Central Bank of Iran should confirm the amount of the money and the way they have been spent. He noted that the release of the assets would definitely have a positive impact on the markets inside the country, as it will meet the needs of the CBI and ensure the purchase of essential goods needed in the country.
Al-e Es’hagh added that the release of Iranian assets can also help stabilize the country’s forex market.
U.S. sanctions imposed by former president Donald Trump under the so-called “maximum pressure” campaign have prevented Iran from accessing a huge amount of its assets in foreign banks. Iran’s total frozen assets in Iraq amount to approximately $7 billion, according to Iranian officials.