Volume. 11939

Japanese banks to handle Iran’s food and medicine transactions
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TEHRAN – Three major banks in Japan have announced readiness to handle transactions related to Iran’s food and medicine trade, the Central Bank of Iran said in a report.
Based on agreements between the Central Bank of Iran and Japanese officials after the Geneva deal, the Bank of Tokyo-Mitsubishi (BTMU), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Bank announced that they were ready to conduct the transactions.
On January 28, Iranian Deputy Foreign Minister Abbas Araqchi said a special banking system to be launched in Japan, South Korea, and Switzerland will be in charge of transferring several billion dollars of Iran's frozen assets which was released under the recently struck deal with the world powers.
“A special banking channel will be created in Japan, South Korea, and Switzerland to transfer Iran’s frozen funds,” Araqchi, who is also a senior member of Iran’s negotiating team with the world powers, said.
“The special banking channel will be used for importing food and medical stuff and medicines,” he added, the Fars News Agency reported.
On November 24, 2013, Iran and the G5+1 (the five permanent UN Security Council members plus Germany) sealed a six-month Joint Plan of Action to lay the groundwork for the full resolution of the West’s decade-old dispute with Iran over its nuclear energy program. In exchange for Tehran’s confidence-building bid to limit certain aspects of its nuclear activities, the Sextet of world powers agreed to lift some of the existing sanctions against Tehran and continue talks with the country to settle all problems between the two sides.

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