CBI governor: Preparations made for opening 1,000 LCs

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Governor of Central Bank of Iran (CBI) Valiollah Seif said on Tuesday that preparations have been made for opening up 1,000 Lines of Credit (LCs).

Speaking to reporters on the sidelines of a gathering of non-governmental entrepreneurs, Seif said that the process of opening LCs began on Monday.

Noting that the allocated LCs are mainly due to provide the manufactures with the needed raw material, Seif predicted that the new scheme will give a boost to production.

Referring to unblocking of $32 billion of Iran’s frozen assets following the implementation of Iran nuclear deal and the subsequent lifting of anti-Iran sanctions, Seif said that $28 billion of this amount belongs to CBI and another $4 billion will be changed into Iranian rial to be remitted to the government’s fund.

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