Iran moves assets, awaits benefits as sanctions are lifted

Tehran, Iran — Iran successfully transferred some of the billions of dollars’ worth of frozen overseas assets following the implementation of the nuclear deal with world powers, the head of the country’s central bank said Tuesday. But ordinary Iranians still are waiting to see how their daily lives will improve and how fast Iranian companies will gain access to financial markets worldwide.

Credit cards still don’t work in Iran and its ATM machines remain separated from the rest of the world. That is not likely to change soon as many of the world’s major financial services companies operate in the United States.

Iranian state television quoted Valiollah Seif, the head of Iran’s central bank, as saying that Tehran transferred funds from banks in Japan and South Korea to other banks in Germany and the United Arab Emirates.

He did not say how much money was involved in the transfers, though he said the nuclear deal would give Tehran access to $32 billion in overseas assets and lower international currency transactions for the country by 15 percent.

Dubai would be the most likely place in the seven-state Emirates federation for Iran to move its funds. The port city is home to a large Iranian expatriate community and has a long trading history with nearby Iran.

Emirates NBD, the largest bank in Dubai, declined to tell The AP whether it was doing business with Iran now that nuclear-related sanctions have been lifted, citing a policy of confidentiality regarding potential or existing customers. It said “various regulatory authorities” have released guidance since the deal was implemented on Saturday. The bank said it is reviewing that guidance to better understand the obligations and restrictions that apply to banks in the UAE.