Central Bank sanctions and money transfer problems in Iran - Steel News Encyclopia | Steel News Encyclopia

چهارشنبه, ۲۵ فروردین , ۱۴۰۰ 3 رمضان 1442 Wednesday, 14 April , 2021 ساعت ×
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Central Bank sanctions and money transfer problems in Iran

شناسه : 40860 ۳۰ بهمن ۱۳۹۹ - ۱۳:۴۱
The central bank embargo was a strategic move by the Americans. The experience of sanctions shows that one of the central and effective goals of the American sanctions strategy is to weaken the national currency. Therefore, the main focus of the sanctions neutralization strategy should be on how to maintain and stabilize the value of the national currency.

Financial and currency exchanges and the normal course of transactions around the world are part of the economic artery of any country. Unfortunately, due to unprecedented economic sanctions on Iran during Trump, many of Iran’s economic highways have been shut down and Iran has to provide currency. In this memo, we will address the challenges of foreign exchange and money transfer by the central bank during the sanctions. Please be with Artan Press.


*** What is the duty of Iran’s blocked money in other countries?

The international economy in Iran needs to receive a driving force to get out of the financing crisis. We live in a day when even blocked money in countries such as South Korea, whose will to deliver has been announced by this country, is in an aura of ambiguity. With banking sanctions and in a situation where it is basically impossible to transfer money through banking channels, even for food and medicine, we will almost certainly face great problems in selling the country’s industrial and technological goods, and we will have a long way to go. .


*** The inability of the Finnson institution to pursue money laundering cases

The Financial Institution stands for “American Financial Crime Law Enforcement Network”, which tracks money laundering cases in banking transactions. Recently, confidential documents have been released that show that this institution has been unable to pursue money laundering cases. Finnson’s secret documents, recently leaked by Bazfid, reveal that well-known international banks have allowed fraudsters and terrorist networks to launder and transfer millions of dollars around the world, and that the money transfer has continued even after the bank was notified.

The issue that needs to be discussed here is that the conditions in international trade for money laundering and theft are easier than the normal and normal financial exchanges of Iran, and this is the oppression of the Iranian people. Unfortunately, importing money and currency into the country has become very expensive. And this has dried up many export incentives in the country. Small and medium-sized exporters, most of which are private sector exporters, do not have unlimited capital to export their goods but not return their currency to the country. These exporters must return the currency and provide the rials they have pledged to supply the goods.


*** Lack of transparency in currency transfers in the country

Unfortunately, there is not enough transparency regarding currency transfers in the country. Some believe that if the central bank publishes a list of 100 major exporters who have received dollars but have not delivered their export earnings, it will not help discuss the country’s money transfer scam. The question here is, basically, do we have a problem importing money into the country? The answer is definitely yes, and it cannot be denied that the transfer of money into the country is fraught with problems, including sanctions. As if the central bank has money in Korea, India, China and Europe; But it cannot import it easily.


*** What is the role of the private sector in aggravating the currency exchange cycle in the country?

But another question arises, and that is the discussion of the role of the private sector in the weighting of the currency exchange cycle in the country? To date, we have predicted that the small, medium and large private sector will be able to meet its foreign exchange needs from exporters. A large number of small and medium-sized factories and manufacturing companies can meet their needs from the foreign exchange of small and medium-sized exporters outside Iran. There have always been great obstacles in this way, and unfortunately the bureaucratic system has slowed or closed this path. Therefore, the inefficiency of the private sector cannot be attributed to them, and the private sector can be acquitted of this issue with certainty.


*** Establishment of Afghan bank branches in Chabahar

In this situation, Iran must join hands with its allies and friendly and neighboring countries in order to best circumvent the path of financial sanctions at the lowest cost. In this regard, measures have been taken, the most important of which has been to solve the problem of money transfer by establishing branches of Afghan banks in Chabahar, the launch of this project could be a decisive response to the oppressive US economic sanctions.

The head of the Iran-Afghanistan Joint Chamber of Commerce explained about this scenario that if Afghan banks receive a branch in the Chabahar Free Zone, a large part of the money transfer problems to this country will be solved.


*** What are government scenarios?

But what scenarios has the government implemented in the face of these conditions? It is very clear that the government should not stand idly by in this situation and should try to control currency fluctuations and currency market excitement. The central bank and, consequently, the government have endured the most pressures until November and December of this year, and the economic situation had become very difficult, and the closure of borders due to the corona and the limited banking system had created special conditions for the country.

The government has issued more than 80,000 billion tomans of securities this year, much of which has been done in the framework of open market operations. The governor of the Central Bank has declared this action the most strategic work of the government in the critical conditions of the foreign exchange market. If this action was not taken, 560 thousand billion tomans of additional liquidity would be created

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