Iranian mechanism commensurate with INSTEX to be registered: CBI governor
The Governor of Central Bank of Iran (CBI) announced late on Friday that the mechanism commensurate to the financial channel introduced by the three European states will soon be registered in Tehran.
He added that we will continue our strategy for meeting the country’s financial and trade needs during sanctions through the methods we have designed, especially through neighboring countries and other trade partners, Iran Press reported.
Hemmati also said that during the talks made with representative of three countries and the Instrument in Support of Trade Exchanges (INSTEX) director, my colleagues elaborated on the Iranian mechanism commensurate with that of the Europeans and we are waiting for practical measures by the EU.
On January 31, foreign ministers of Germany, France and Britain declared that the official payment channel of Iran and EU was registered as INSTEX.
The mechanism will initially cover foodstuff and medicine, but its range will broaden gradually.
INSTEX is part of the EU’s efforts to encourage Iran to remain in the nuclear deal following the unilateral withdrawal of the US back in May, by offering an alternative payment channel to keep trade flowing with Iran in defiance of US sanctions. 101/211/202