Iran’s main financial institution has devised a six-point contingency plan to resist possible consequences of the US move no to renew sanctions waivers for clients of Iranian energy.
Central Bank of Iran (CBI) is seeking to establish payment mechanisms with “neighbouring and friendly” countries as well as facilitate barter trade in a bid to offset the possible effects of the US move not to renew oil sanctions waivers to the eight importers of Iranian crude.
The moves are part of a six-point contingency plan, revealed by the CBI that aims to cope with the consequences of a sharp drop in Iranian oil sales. Iranian officials and analysts believe Iran could sell up to 600,000 bpd of its crude after the Washington’s move.
The Central Bank had previously taken necessary measures to counter and neutralise the US economic pressures and taken formation in a bid to control the forex market and inflation.
The sixth point on the list of the measures foresees the creation of special financial channels between Iran and “neighbouring and friendly” countries, a reference to the country’s neighbours with which Iran is on good terms such as Iraq, Turkey, Afghanistan, Pakistan, India and China.
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