Iran’s ¤ 14.4 million in blocked assets in Sri Lanka released

Tuesday, 12 September 2017 00:04 - - {{hitsCtrl.values.hits}}

Iran yesterday announced that its € 14.4 million worth of foreign exchange assets in Sri Lanka have been released after the Joint Comprehensive Plan of Action (JCPOA) agreement.

The Head of the Financial Security and International Investment Department of the Iran Export Development Bank (IEDB) Kamran Rezvani said that after the JCPOA, € 22.3 million worth of Iranian foreign exchange assets in Sri Lanka and Cuba were released.

Rezvani said the preliminary steps for payment of the resources were made following frequent visits in the post-JCPOA era, IRNA reported.

He said that on the first leg, € 8 million out of the blocked assets were released in Cuba and € 14.4 million more have been freed in Sri Lanka.

He added that had the resources not been released, the damages should have been paid out of the resources of the Export Guarantee Fund and it would have definitely negatively affected the capability of the bank to pay damages.