• Wed / 23 January 2019 / 16:15
  • Category: Economy
  • News Code: 97110301870
  • Journalist : 71593

Iran-Switzerland payment channel ready to launch

Iran-Switzerland payment channel ready to launch

Tehran (ISNA) – Iran-Switzerland independent payment channel is ready to launch and its operational details have been announced, Chairman of Iran-Switzeland Joint Chamber of Commerce, Sharif Nezam-Mafi announced.

The news comes a month after Swiss Economics Minister said the country seeks for an independent payment channel to continue its trade with Iran.

Mentioning the need of injecting money in the payment channel, Nezam-Mafi said, “Currently, there’s no money in Europe belonging to Iran and Iran’s money is generally in oil importers such as India, Iraq, china and South Korea”.

The payment channel will be activated as soon as Iran’s oil money enters Europe, he added.

According to the official, during the previous round of US sanctions against Iran, US’ Department of the Treasury had issued license required for financial transfers and now the measure still depends on US’ permission; the issue that Swiss government has negotiated with US administration during recent months.

Either Heritage Bank or Banque de Commerce et de Placements (BCP) will take responsibility for the money exchange, the chairman said.

He insisted that the payment channel will be initially used for exporting medicine to Iran and in the next phase it will include Cereal exports as well.

About 60% of Switzeland’s exports to Iran are related to medicine and medical equipment and launching the new payment channel is of great importance in providing medicine.

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