Iran To Gain Access To Around $24Bln Of Frozen Assets In Near Future - Reports

Iran will soon gain access to around $24 billion of its frozen assets in Iraq and South Korea, as well as funds under Tehran's special drawing rights in the International Monetary Fund (IMF) thanks to Oman's mediation efforts and the Iranian government's economic diplomacy, the Iranian Students News Agency (ISNA) reported on Tuesday

MOSCOW (UrduPoint News / Sputnik - 06th June, 2023) Iran will soon gain access to around $24 billion of its frozen assets in Iraq and South Korea, as well as funds under Tehran's special drawing rights in the International Monetary Fund (IMF) thanks to Oman's mediation efforts and the Iranian government's economic diplomacy, the Iranian Students News Agency (ISNA) reported on Tuesday.

In particular, $7 billion assets of Iran's frozen assets will be released from South Korea and more than $10 billion from Iraq. In addition, Tehran will gain access to $6,7 billion of its special drawing rights in the IMF as a result of the recent talks between Governor of the Central Bank of Iran Mohammad Reza Farzin and IMF Managing Director Kristalina Georgieva in Washington, the report said.

Earlier in June, 2 billion dollars were also allocated from Iran's blocked funds for the purchase of basic goods, Ali Shariati, a member of the Iranian Chamber of Commerce, said.

In May, the IMF published a report pointing to an increase of $141 billion in Iran's gross domestic product (GDP) in 2022, which made the country the 22nd largest economy in the world.

Iran has been under US sanctions for several years because of the development of its nuclear program. The sanctions restrict oil exports from Iran and block accounts of the Iranian authorities, as well as high-ranking officials and legal entities.