South Korean envoy: Banking ties with Iran not regulated yet

South Korean Ambassador to Iran Kim Seung Ho said on Monday that banking ties with Iran have not been regulated yet, jeopardizing implementation of the Joint Comprehensive Plan of Action, AVA Diplomatic reports.

He made the remarks in his statement to Conference on Banks, Insurance and Tehran Stock Exchange.

He said that the western government’s parties to JCPOA should encourage their banks to honor their commitment to lifting the sanctions.

Implementation of the JCPOA can make a tangible change in the global economy mainly the Islamic Republic of Iran and open a new chapter for Iran as well, he said.

Lack of financial sources is the main hurdle for Iran, he said adding that the western governments should authorize their banks to do business with Iran.

Iranian banks should find access to international standards and provide foreign investors with banking guarantees to enable them withdraw their investment plus the interests from Iran in a regulated way, he said.

The ambassador said that Iran should not merely rely on foreign investors but though restoring of security for domestic investors that would create a suitable competitive opportunity for foreign partners.

He regretted that six months after implementation of the JCPOA (January 2016), the South Korean Embassy cannot bring required money for the embassy through legal banking channels and is doing the job illegally.

The US Department of Treasury is expected to authorize online exchange of dollar-to-euro to regulate Iranian trade with the outside world, but. it has been subject to procrastination.