ERBIL, Kurdistan Region - The governor of the Central Bank of Iran (CBI) on Saturday said all Iranian funds held in South Korea have been released and expects more funds will also be unfrozen following an agreement with the United States.
Some $6 billion in Iranian funds that were frozen in South Korean banks under US sanctions have been released and an unnamed third country has agreed to change the funds into euros, IRNA reported CBI Governor Mohammadreza Farzin saying.
The original $7 billion deposited into South Korean banks lost a billion because of currency devaluation, according to the governor.
The euros will be deposited into Iranian banks in Qatar and the money will be used to purchase items not subject to sanctions, Farzin said.
The release of funds was part of a prisoner swap deal between the US and Iran announced last week. Under the agreement, Iran has released five dual-nationals from prison and moved them to house arrest.
The five will be allowed to leave the country after the funds in South Korea are released, according to a Reuters report.
