Iran Central Bank Brushes off US Sanctions

A001211611.jpgIran’s central bank governor on Sunday dismissed US sanctions on Iranian banks as “psychological warfare” and said they would not prevent Tehran from finding other routes for meeting its banking needs. The United States added more Iranian banks and also Iran’s Islamic Revolutionary Guards Corps (IRGC) to a list of institutions under sanctions last month to isolate the country over its nuclear progress.

The Iranian government has brushed off the impact of US and UN sanctions.

“These (sanctions) are more psychological warfare,” Iranian central bank Governor Tahmasb Mazaheri told reporters during a conference.

“The world is big and having no cooperation with one country does not stop Iran’s banking activities,” he added.

Many international banks, in particular those based in Western countries, have reduced their activities, including US dollar bank accounts held by Iranians abroad and stopping cash transfers in dollars and other currencies to Iran.

But economists say some Asian and other banks have either not taken action so far or been slower than Europeans to cut back on their business dealings.

The remarks by Mazaheri follow comments last month by an Iranian lawmaker who said the parliament will discuss with the central bank governor and economy minister how to “confront” new US sanctions on Iranian banks.

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