In a letter to President Hassan Rouhani, private sector representatives have called on government to give more authority to the Export Guarantee Fund of Iran with regard to issuing export guarantees, according to the EGFI chief.
The governor of the Central Bank of Iran (CBI) has said that the Europeans should show their sincerity about their Instrument in Support of Trade Exchanges (INSTEX) by ordering Iran’s crude.
Erbel was set to replace former German banker Per Fischer as INSTEX president after the latter’s six-month period came to an end with no tangible results at the end.
France has reportedly proposed Iran a credit line of $15bn to run the European payment channel with Tehran, INSTEX, as Iran threatens to reduce more of its nuclear commitments in coming weeks.
Many countries are considering joining the European payment mechanism. Sweden, after Finland, is the second Scandinavian country to express readiness to be part of the trade channel.
In a push to process transactions more quickly, INSTEX is rolling out a new factoring service for European exporters. The company is also making new hires that will enable it to expand operations in the coming year.
The Scandinavian nation wants to be included in the European payment channel with Iran in a bid not to lose the Iranian market in the wake of US unilateral sanctions.
Ukrainian and Russian officials have separately called for the establishment of a trading house between their respective countries and Iran. A trading house could have various purposes but what Ukraine is proposing is much like Europe’s INSTEX to facilitate bilateral trade in the wake of US sanctions.
Kremlin has thrown its weight behind the EU’s efforts to boost trade with Iran in the wake of US sanctions. Brussels says it will bring the mechanism online before other members can join it.
Iran-German trade ties have seen recent downs due to the US sanctions but those measures haven’t stopped dozens of such companies to leave Iran altogehter.