INSTEX chairman in Iran to meet with senior officals

TEHRAN, Sep. 16 (MNA) – The Chairman of INSTEX Michael Erhard Bock is slated to meet with the officials of Central Bank of Iran (CBI) and CEO of Iran’s Special Trade and Finance Instrument (STFI) during his stay in Tehran.

Michael Erhard Bock, new chairman of the Instrument for Supporting Trade Exchanges (INSTEX) who traveled to Iran on Sunday is scheduled to held talks with senior Iranian officials including the Governor of CBI and CEO of STFI on ways to facilitate trade relations between Iran and Germany.

He attended the Iran-Germany Joint Chamber of Commerce and Industry and met and discussed with representatives of Iranian and German companies on problems and barriers to financial transactions.

STFI, called SATMA in Persian, was established to ease INSTEX implementation. If the financial instrument is decided to become operational, Iran says there will be no problem having it run in the country.

Former German diplomat Michael Bock was appointed as the new chairman of EU trade mechanism with Iran dubbed “INSTEX” on 6 June 2019.

INSTEX is a special-purpose vehicle established in January 2019 by France, Germany and the United Kingdom to facilitate non-dollar trade with Iran in a bid to bypass US sanctions.

So far, INSTEX has not become operational despite intense efforts on all sides.


News Code 150092


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