Iran Economy NewsU.A.E. studies impact of Iran sanctions

U.A.E. studies impact of Iran sanctions

-

Wall Street Journal: The United Arab Emirates central bank is studying the economic impact of United Nations sanctions against Iran and has asked lenders in the U.A.E. to declare remittances sent to Iran on a monthly basis, bankers said Monday.

The Wall Street Journal

By NOUR MALAS

ABU DHABI—The United Arab Emirates central bank is studying the economic impact of United Nations sanctions against Iran and has asked lenders in the U.A.E. to declare remittances sent to Iran on a monthly basis, bankers said Monday.

In a memo dated Sept 4., the central bank asked lenders to report by Tuesday remittances in August, and said it intends “to run this exercise for just a few months,” from August, according to bankers who received the memo.

The central bank said the exercise is meant “to contribute to studies being conducted to better understand the economic impact of the U.N. Security Council sanctions against Iran,” the bankers added.

The central bank didn’t reply to requests for comment when contacted by Zawya Dow Jones.

The United Nations Security Council in June approved a fourth round of sanctions against Iran over its controversial program of uranium enrichment. The U.A.E, a major trading partner with Iran and home to a large Iranian community, has increased its oversight of dealings with Iran since the new round of sanctions but officials have maintained that implementing the sanctions won’t hurt the region’s broader investment climate.

Last year, the volume of trade between the U.A.E and Iran totaled 31.02 billion U.A.E dirhams ($8.44 billion), according to data on the U.A.E. ministry of trade website.

On Monday, bankers said the central bank usually kept track of remittances, in general, every quarter. “We usually give these statistics on a quarterly basis, but this time they want to particularly check the impact of sanctions so are asking for the information on a monthly basis,” said one banker who declined to be named.

Latest news

Iranian Merchants Facing 60% Decline in Sales Due to Presence of Morality Police

Discontent among merchants due to a 60% decrease in sales attributed to the presence of the morality police, exerting...

Dire Living Conditions of Iranian workers on International Labor Day

On the occasion of International Workers' Day, May 1, the dire economic conditions of Iranian workers have reached a...

Only One-Fifth of Iran’s Annual Housing Needs Are Met

Beytollah Setarian, a housing expert, said in an interview that Iran needs one million housing units annually, but only...

Resignation, Job Change, and Nurse Exodus in Iran

The state-run Hame-Mihan newspaper has addressed the problems of the healthcare workforce in Iran, examining issues such as resignations,...

International Monetary Fund: Iran Needs “$121 Oil” to Avoid Budget Deficit

The International Monetary Fund (IMF) states in its latest quarterly report that the Iranian government needs the price of...

Alarming Rise in Suicide Rate Among Iranian Physicians

Mohammad Mirkhani, a social consultant of the Medical Council Organization, considered the difficult working conditions of physicians in Iran...

Must read

US hikers’ mothers say Iran using them as bargaining chips

AFP: The mothers of three American hikers detained in...

Full text of Bush speech on Israel-Lebanon ceasefire

Iran Focus: London, Aug. 15 - The following is...

You might also likeRELATED
Recommended to you