INSTEX chairman visiting Iran

September 16, 2019 - 19:11

TEHRAN - Chairman of INSTEX Michael Erhard Bock, who is visiting Tehran to discuss the implementation of the instrument with senior Iranian officials, met with the Head of German-Iranian Chamber of Commerce (AHK Iran) Dagmar von Bohnstein on Monday.

As reported by the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), during his visit to the German-Iranian Chamber of Commerce, Bock also held talks with representatives of Iranian and German companies and discussed various trade issues including barriers in the way of financial transactions.

During his stay in Tehran, Bock is scheduled to meet with the officials of Central Bank of Iran (CBI) and CEO of Iran’s Special Trade and Finance Instrument (STFI).

STFI, called SATMA in Persian, was established to ease INSTEX implementation. If the financial instrument is decided to become operational, Iran says there will be no problem having it run in the country.

Former German diplomat Michael Bock was appointed as the new chairman of EU trade mechanism with Iran dubbed “INSTEX” on June 6, 2019.

INSTEX is a special-purpose vehicle established in January 2019 by France, Germany and the United Kingdom to facilitate non-dollar trade with Iran in a bid to bypass the U.S. sanctions.
So far, INSTEX has not become operational despite intense efforts on all sides.