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Tuesday, 28 February 2017 09:29

US sanctions threatening Iran’s banking, IMF warns

IMF REPORT IRAN 2017

 

The International Monetary Fund (IMF) says that Washington’s anti-Iran sanctions may be a threat to the country’s international trade ties.

In its annual report on the Islamic Republic’s economy, the IMF said on Monday that uncertainty surrounding the sanctions on Iran pose a risk to the nation's banking system.

The US Treasury Department said on February 3 that Washington had imposed sanctions on 13 individuals and 12 entities as part of bids to ratchet up pressure on Iran -- chiefly over Tehran’s missile program.

Washington claims that a recent missile test by Iran violated UN Security Council Resolution 2231 that endorsed the 2015 nuclear agreement, known as the Joint Comprehensive Plan of Action (JCPOA), reached between the Islamic Republic and the P5+1 group of countries, including the US.

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The IMF noted that uncertainty surrounding the nuclear agreement and Iran’s relations with the US “could deter investment and trade with Iran.”

It added that reintroducing sanctions "would lower direct investment and capital inflows, and disconnect Iran from the global financial system."

The fund added that the reaming sanctions have hindered the return of international banks to the Iranian market and continue to obstruct large-scale trade and investment.

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