Iraq TBI Bank releases Iranian assets for food and medicine imports
Iraq has released Iran’s funds blocked at Trade Bank of Iraq (TBI) for the import of food and medical items by the Islamic Republic, an Iranian official says.
In a letter addressed to all associations of food, pharmaceutical and health industries, Homa Alvandi, caretaker of the Office of Food and Pharmaceutical Industries at the Iranian Ministry of Industry, Mine and Trade referred to the capacity created for the use of Iran's foreign exchange resources at TBI.
In related News, Hamid Hosseini, a member of the board of directors of the Iran-Iraq chamber of commerce, said that there is no new development in banking relations to release Iran’s funds blocked at Trade Bank of Iraq (TBI) and the United States had already issued the waiver to allow Iran to use the money for the import of goods that are not under Washington’s sanctions, and since food and medicines are not sanctioned, such transactions have happened several times, including to pay COVAX for buying Covid-19 vaccines.
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