Valiollah Seif, the governor of the Central Bank of Iran (CBI), held a meeting with top bankers on Saturday and emphasized that they should all take speedy actions to prepare for the day that Iran sanctions are lifted.
Seif emphasized in the meeting that Iran should prepare its banking infrastructure for post-sanctions activities and also improve their standards to better operate when the sanctions are lifted.
No date has yet been officially set on when exactly the sanctions against Iran will be lifted. Nevertheless, officials in Tehran have already emphasized that they expect this to happen within the next coming weeks.
Under the current regime of sanctions, Iran’s banks have been effectively shut out of the global monetary system.
This will end by the removal of the sanctions when the banks will be able to transfer money without limits in and out of Iran among other benefits. A key step to the same effect will be for Iran to reconnect to the SWIFT financial-transactions system.
Nevertheless, early signs have already appeared that a certain kind of such reconnecting has already been established.
Iran’s Petrochemical Commercial Company (IPCC) announced on Saturday that it has been able to receive payments for exports of its petrochemical products through an international bank in Spain.
The IPCC said this – which has been made possible through a so-called “escrow account agreement” with the Spanish bank - has now officially opened the channel for banking transactions over its export activities that had been blocked for five years as a result of sanctions.