$8.8 bn of Iranian money blocked in Indian banks

Tehran, May 16, IRNA – Sanctions have left $8.8 billion of Iran’s money from crude oil sales stranded in Indian banks, Vice President and Head of the Management and Planning Mohammad Baqer Nobakht said Friday. Speaking at a local gathering in Shahre Kord (Charamahal & Bakhtiari Province), Nobakht said the government revenues come from oil sale and taxes. He said the Iranian money will be released if and when the sanctions are lifted. He said the Iranian negotiating team was doing its best to defend the rights of the Iranian people so that the country would achieve progress and development. He said the arrogant powers were after humiliating Iran and sowing discord among the nation, adding that people’s vigilance to neutralize this conspiracy was imperative. Nobakht who is also the government spokesman, said before the government of Hassan Rouhani took over the economic growth rate was minus 6.8 percent but it rose to plus 4 percent thanks to the policies of the new government. He said the government has also succeeded in bringing the inflation down to less than 15 percent from 40 percent when it took office. Under an interim deal reached in Geneva in November 2013, Iran can sell around one million barrels of oil per day. The money from those sales is paid into escrow accounts in the purchasing countries. The accounts however are locked and any transfers to Iran have to be made through a maze of processes under the Geneva deal since Tehran is shut out of the international banking system due to the sanctions.