TEHRAN (Tasnim) – Despite international enthusiasm for investment in Iran and development of trade ties with the country, there are still obstacles in the way of monetary transactions because of US obstructionism, Chairman of Iran-China Joint Chamber of Commerce Asadollah Asgaroladi said.

Speaking at a television talk show, Asgaroladi said Iranian businesses still face problems in financial transactions in spite of the implementation of the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

“Americans (make moves against) banks that want to have monetary interaction with Iran,” he deplored, adding that such US obstructive measures run counter to the spirit of the JCPOA.

Asgaroladi also said that even if the obstacles are removed, another two years will be needed for the situation to be normalized.

Although Iranian officials insist that nearly all banks have been reconnected to SWIFT -the Society for Worldwide Interbank Financial Telecommunication- after coming into force of the JCPOA, many Iranian companies complain about the hardship they face in trade and their inability to open letters of credit (LCs).

SWIFT is used by nearly every bank around the world to send payment messages that lead to the transfer of money across international borders. It provides a wide range of service including transmitting letters of credit, payments and securities transactions among 9,700 banks in 209 countries.

By Tasnim News Agency