Governor of the Central Bank of the Islamic Republic of Iran Abdolnaser Hemmati said Wednesday that Iran has registered a mechanism called ‘Special Trade and Finance Institute (STFI)’ in proportionate to EU-established INSTEX.
The registering of this mechanism was done on the last working day of Iranian calendar year 1397, on Tuesday, he said, adding, “it is expected that STFI’s cooperation with INSTEX would play role in facilitating trades between Iran and Europe and be influential in countering limitations caused by US sanctions.”
Iranian people and firms are expecting quick operationalization of INSTEX and the establishment of STFI by the Iranian side is a major step to facilitate the process, he added.
Hemmati went on to say that CBI is using different solutions to answer the needs of Iranian firms and traders and that STFI is only one of the means for doing so, Mehr news agency reported.
In late January 2018, European signatories of JCPOA (Joint Comprehensive Plan of Action) announced the establishment of a special trade mechanism dubbed as INSTEX (Instrument in Support of Trade Exchanges) in a bid to save JCPOA after the withdrawal of the United States from it.
INSTEX is registered in Paris and headed by German banker Per Fischer who visited Iran last week and discussed the status of the mechanism with Iranian officials.
The mechanism is said to initially cover trades of food, medicine and medical devices and to gradually include other areas.
Source: Iranian media