CBI chief calls for immediate implementation of INSTEX

Tehran, May 14, IRNA – Central Bank of Iran (CBI) chief on Tuesday urged the European countries to implement the Instrument in Support of Trade Exchanges (INSTEX) during the deadline.

While the special mechanism for trade exchanges between Iran and Europe has been established in both Iran and Europe, no justification is accepted now for not implementing the INSTEX, Governor of the CBI Abdolnaser Hemmati said.

He made the remarks in a meeting with the Austrian Ambassador to Iran Stefan Scholz.

The official lauded good relations between the Iranian and Austrian banks and called for improvement of cooperation among these banks.

In the meantime, the Austrian envoy, for his part, expressed the Austrian government's support for implementation of the INSTEX mechanism.

The envoy called for facilitation of financial transactions for the big airlines, including Lufthansa Group airlines and Austria airlines.

Earlier, governor of the Central Bank of Iran in a message criticized Europeans for their repetitive remarks for implementing the INSTEX.

If Europeans are concerned about the US reaction to the EU states' exports of goods to Iran, they can test their ability by exporting emergency supplies and medicine, Abdolnasser Hemmati, said in an Instagram post.

He added that Europe has focused on setting up a financial mechanism for trade with Iran over the past year and finally they declared three months ago that it is operational.

It is for about two months that Special Trade and Finance Instrument between Iran and Europe (STFI), called SATMA in Persian has been established in Iran and its managers were also introduced to Europe, he noted.

He described repetition of sentences like 'we are seeking INSTEX' by the European officials as thread-bare, saying the simplest way for making INSTEX operational and the Iranian parallel system of SATMA is to grant a letter of credit to European exporters to Iran.

INSTEX was adopted by foreign ministers of the European trio on the sidelines of a European Union summit in the Romanian capital Bucharest on January 1.

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.

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