Page 9 - Aruba Today

WORLD NEWS 9
Wednesday 20 January 2016

Iran moves assets, awaits benefits as sanctions are lifted

Iranian shareholders monitor shares prices on screens at the Tehran Stock Exchange in Tehran, the official rate is 30,000 ri- “U.S. persons — including
Iran. Iran said Tuesday, Jan. 19, 2016, it successfully transferred some of the billions of dollars’ als for a dollar. U.S. companies — continue
worth of frozen overseas assets following the implementation of the nuclear deal with world pow- Iranian President Hassan to be broadly prohibited
ers. But ordinary Iranians are still waiting to see how their daily lives will improve and how fast Rouhani, whose moder- from engaging in transac-
Iranian companies will gain access to financial markets worldwide. ate administration pushed tions or dealings with Iran
through the nuclear deal, or its government.”
(AP Photo/Vahid Salemi) said Iran now needs to at- That includes companies
tract foreign investment like payment processors
and liberalize its largely MasterCard Inc. and Visa
state-run economy. Inc., both based in the U.S.
“Government should with- and thus rendering their
draw from the economy branded credit cards use-
in favor of the private sec- less in Iran.
tor, step by step,” Rouhani That also includes online
said. payment options like those
Iran expects an economic offered by U.S.-based Pay-
breakthrough after the lift- Pal Inc., which in March
ing of crippling sanctions, agreed to pay $7.7 million
and in particular, access- in a settlement with U.S.
ing its overseas assets and regulators over payments
being able to sell crude oil involving countries includ-
more freely abroad. ing Iran. Money-transferring
The U.S. Treasury put out companies like Western
guidance to America- Union Co. and MoneyGram
based companies after the International Inc. also don’t
deal, reminding them that operate in Iran.q

NASSER KARIMI ferred funds from banks in garding potential or exist-
JON GAMBRELL Japan and South Korea to ing customers. However,
Associated Press other banks in Germany it said “various regulatory
TEHRAN, Iran (AP) — Iran and the United Arab Emir- authorities” have released
successfully transferred ates. guidance since the deal
some of the billions of dol- He did not say how much was implemented on Sat-
lars’ worth of frozen over- money was involved in the urday. The bank said it is
seas assets following the transfers, though he said reviewing that guidance to
implementation of the the nuclear deal would better understand the obli-
nuclear deal with world give Tehran access to $32 gations and restrictions that
powers, the head of the billion in overseas assets apply to banks in the UAE.
country’s central bank said and lower international “Any engagement with
Tuesday. But ordinary Irani- currency transactions for potential customers in pre-
ans are still waiting to see the country by 15 percent. viously sanctioned coun-
how their daily lives will im- The Mideast commercial tries would take place in
prove and how fast Iranian hub of Dubai would be several stages and would
companies will gain access the most likely place in the require updates to policies,
to financial markets world- seven-state Emirates fed- procedures, systems and
wide. eration for Iran to move its controls as well as ongoing
Credit cards still don’t work funds. The port city is home communication with regu-
in the Islamic Republic and to a large Iranian expatri- lators and correspondent
its ATM machines remain ate community and has banks,” it said.
separated from the rest of a long trading history with Meanwhile, Seif also
the world. That is not likely nearby Iran. pledged to address the
to change soon as many of Emirates NBD, the largest parallel exchange rate for
the world’s major financial bank in Dubai, declined Iranian rials and foreign
services companies oper- to tell The Associated Press currencies on the black
ate in the United States. whether it was doing busi- market, which trade 20
Iranian state television ness with Iran now that percent higher than their
quoted Valiollah Seif, the nuclear-related sanctions official values. The black
head of Iran’s central bank, have been lifted, citing a market rate is 36,000 Ira-
as saying that Tehran trans- policy of confidentiality re- nian rials to the dollar while