Iran’s CBI registers STFI mechanism

Tehran, March 20, IRNA - Governor of Central Bank of Iran Abdolnaser Hemmati announced on Wednesday that the mechanism similar to the [European] channel introduced by the E3 has been registered in Tehran called STFI in the last working day of the Iranian calendar year.

He expressed hope for STFI, an acronym that wasn’t announced what it stands for, to be capable of facilitating trade between Iran and Europe and to be able to lift limitations resulted by the US sanctions.

He added that Iranian people and economic activists expect making operational this mechanism as soon as possible.

Hemmati also described registration of STFI as an important step taken by Iranian side to facilitate the process.

CBI will take all solutions to meet the needs of companies and the economic activists, he reiterated.

INSTEX was introduced by foreign ministers of the European trio on the sidelines of a European Union summit in the Romanian capital Bucharest on the last day of January.

INSTEX has been registered at the address of France's Economy and Finance Ministry in Paris. German banker Per Fischer has been chosen for a period of six months to run it. Also, a senior UK diplomat is expected to head the Supervisory Board.

Earlier, INSTEX president Per Fischer visited Iran to hold talks with Iranian stakeholders in a bid to work out details of the payment channel.

“Through talks that my colleagues held with representatives of the three European countries and the INSTEX director at the Central Bank of Iran, complete explanation about the Iranian mechanism similar to the European version was given and we are waiting for practical steps from Europe,” Hemmati said earlier.

The channel is meant to help facilitate trade of essential non-sanctioned goods that have been restricted under the secondary US sanctions that have been designed to block major financial transactions with Iran.

The first phase is expected to be limited to the trade of pharmaceuticals, medical devices and agri-foods.

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