Governor of the Central Bank of Iran Abdonnaser Hemmati explained about the CBI’s measures to counter the new round of US sanctions imposed on the Islamic Republic.
In a meeting with managing directors of various banks of the country in Tehran on Tuesday, Hemmati highlighted the failure of the US sanctions against Iran’s banking system and said the issue indicates the important role of banks in developing the country’s economy and facilitating foreign trade.
He further explained about the CBI’s measures to circumvent Washington’s sanctions and called on all banks to strive to maintain and strengthen the process of foreign trade and financial transfers with all their power and experience.
In remarks released earlier on Monday night, Hemmati had said, “We have been in talks with our trade partners and all the necessary actions have been taken for Iran’s interactions to continue.”
“We were expecting these sanctions, so we had plans in place for them and beyond... considering the possibility of banks being disconnected from SWIFT we have considered alternatives to replace it.”
On May 8, the US president pulled his country out of the Joint Comprehensive Plan of Action (JCPOA), the nuclear deal that was achieved in Vienna in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).
Following the US exit, Iran and the remaining parties launched talks to save the accord.
Trump on August 6 signed an executive order re-imposing many sanctions on Iran, three months after pulling out of the Iran nuclear deal.
He said the US policy is to levy “maximum economic pressure” on the country.
The second batch of US sanctions against the Islamic Republic took effect on Monday, November 5.