Jan 25, 2016, 10:19 AM

Swiss banks free up Iranian frozen funds

Swiss banks free up Iranian frozen funds

TEHRAN, Jan. 25 (MNA) – In the wake of JCPOA implementation and sanctions lift, Switzerland freed up Iran’s funds, frozen in Swiss banks' accounts.

Swiss State Secretariat for Economic affairs (Seco) confirmed the news on Sunday.

Swiss government blocked 12 million Swiss franc (CHF), equivalent to $11.8 million, belonged to either individuals, companies or government-owned institutions, from leaving the country after being frozen between 2007 and 2012.

The measure was taken as part of a program to impose illegal sanctions against the Islamic Republic of Iran.

The nuclear deal also opened up Iran to new international business opportunities, some Swiss firms are hoping it could lead to a fresh market outlet.

 

LR/IRN81934072

 

News ID 113856

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