ERBIL, Kurdistan Region - Iran announced it has regained access to over $100 billion worth of its hitherto frozen overseas assets, following the UN-sponsored nuclear deal it signed with world powers. According to government spokesman Mohammad Bagher Nobakht, most of the money was in Chinese, Indian, Japanese, South Korean and Turkish banks which Tehran could not access after sanctions over its nuclear program were intensified in 2012. "These assets have been fully released and we can use them," Nobakht said according to Iran's state-run Press TV. Nine Iranian banks have also been reconnected to the Society for Worldwide Inter-bank Financial Telecommunication (SWIFT) transaction system. The $100 billion will not be returned home, since state officials worry about the effect a sudden influx of billions could have on inflation and the economy. "There is no need to bring the money in. It is likely that a certain amount which is needed is brought in. But altogether, it is not necessary because we can use it in our (overseas bank) accounts," reasoned Nobakht.
