{"id":5242,"date":"2018-05-13T06:55:43","date_gmt":"2018-05-13T06:55:43","guid":{"rendered":"http:\/\/en.azpar.com\/?p=5242"},"modified":"2018-05-13T07:01:46","modified_gmt":"2018-05-13T07:01:46","slug":"banking-sector-to-take-no-hit-from-us-jcpoa-exit","status":"publish","type":"post","link":"https:\/\/en.azpar.com\/?p=5242","title":{"rendered":"Banking Sector to Take No Hit From US JCPOA Exit"},"content":{"rendered":"

I<\/span>ran\u2019s banking sector has rebounded in the absence of sanctions lifted under the 2015 nuclear deal and will continue to rebuild its foreign correspondent relations despite the recent US withdrawal from the deal, a senior banking official said.<\/p>\n

\u201cAt the time of signing JCPOA, our banking system was facing two main shortcomings: being out of step with the global banking standards and disconnect with the international banking network,\u201d said Bank Sepah\u2019s CEO Kazem Choghazardi.<\/p>\n

He was using an acronym that stands for the official name of the accord, the Joint Comprehensive Plan of Action.<\/p>\n

\u201cThanks to the efforts of the Central Bank of Iran, our banking sector has managed to approach these standards. Admittedly, we are still falling short, but we will soon catch up,\u201d Choghazardi told IBENA on Saturday.<\/p>\n

His comments came days after US President Donald Trump announced a controversial decision to unilaterally breach the multilateral pact, which capped Iran\u2019s nuclear development in return for giving it sanctions relief.<\/p>\n

Shaking off years of nuclear sanctions, Iran\u2019s banking industry has been striving since the deal took effect in early 2016 to rejoin the global banking network.<\/p>\n

However, residual US sanctions not covered by JCPOA banned the use of US dollar and its financial system to clear Iran-linked transactions, scaring off major foreign banks and companies from the Iranian market.<\/p>\n

With Trump\u2019s Wednesday statement and his vow to reimpose nuclear sanctions, they might feel even more reluctant to approach the Islamic Republic\u2019s large, untapped economy.<\/p>\n

\u201cIn view of the anti-Iran sanctions, some large lenders have remained wary of reestablishing ties with Iran\u2019s banking system, but some smaller and local banks have forged good relations with Iran and figures show a good level of engagement, especially in terms of correspondent relations and foreign exchange trade,\u201d Choghazardi said.<\/p>\n

\u201cDespite the US announcement to officially pull out of the deal, other parties have reaffirmed their commitment to preserve and continue the implementation of JCPOA,\u201d he added.<\/p>\n

Separately, lawmaker Nasser Mousavi said the banking sector has grown immune to Trump\u2019s moves after years of exposure to US sanctions.<\/p>\n

\u201cThe US walkout would cause no disruption in our banking network \u2026 It has withstood years of sanctions and no extraordinary outcome is expected from the US pullout.\u201d<\/p>\n

Source:<\/p>\n

2018, Iran, Banking Sector to Take No Hit From US JCPOA Exit, Sunday, May 13, p.1,<https:\/\/financialtribune.com<\/a><\/em>><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Iran\u2019s banking sector has rebounded in the absence of sanctions lifted under the 2015 nuclear deal and will continue to rebuild its foreign correspondent relations despite the recent US withdrawal from the deal, a senior banking official said. \u201cAt the time of signing JCPOA, our banking system was facing two main shortcomings: being out of […]<\/p>\n","protected":false},"author":1,"featured_media":5245,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,28,31,1],"tags":[],"class_list":["post-5242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","category-news","category-news-events","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/posts\/5242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/en.azpar.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5242"}],"version-history":[{"count":3,"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/posts\/5242\/revisions"}],"predecessor-version":[{"id":5246,"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/posts\/5242\/revisions\/5246"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/media\/5245"}],"wp:attachment":[{"href":"https:\/\/en.azpar.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.azpar.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.azpar.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}