2019/30/04

Iran’s INSTEX mirror company registered in Tehran

Iran has registered a mirror company for the European special payment channel INSTEX in a bid to accelerate non-sanctioned trade with Europe.

The company, called Special Trade and Finance Instrument between Iran and Europe (STFI), was registered 22 April in Tehran, according to Iran’s stat news agency IRNA.

The firm's address is very close to the Central Bank of Iran (CBI) headquarters in the northern Davudieh Neighbourhood. 

Ali Asqar Nouri, a former private banker with Iran Zamin Bank, has been appointed as its managing director for a period of two months.

Hamid Ghanbari, former director of forex financing supply office at the Central Bank of Iran (CBI), has also been appointed chairman of the firm’s board of directors.

Refah Bank, represented by Farshid Farrokh Nezhad, Bank Keshavarzi, represented by Sharhzad Moshiri, Bank Pasargad, represented by Mohammad Reza Javadian as well as Faradis Gostar Kish, an informatics services company, represented by Hamid Ghanbari are the members of the board of directors. They all have been appointed for two years. 

The firm’s initial capital is $23,750 based on the official exchange rate of Iranian rial to the US dollar.

Interaction with the European INSTEX as well as other payment channels in other countries is among the tasks that Iran-Europe Special Mechanism for Trade and Financing should do, according to the official registration document.

Back in March and two days before the Iranian New Year (20 March), CBI announced the creation of such mirror company

source: Iran Chamber of Commerce

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