South Korean Media: Switzerland is Converting Iran’s Money to Dollars and then Euros

South Korean media report that Switzerland is converting Iranian funds into dollars and then into euros.

South Korean media report that eight trillion South Korean won from Iran’s released assets in the country is being gradually transferred to the Swiss central bank.

On Monday, August 21, South Korea’s Yonhap News Agency reported that this amount, equivalent to six billion dollars, is being converted to dollars daily by Switzerland to minimize its impact on the foreign exchange market in Seoul and the value of the country’s currency.

According to the Seoul foreign exchange market, eight trillion won of Iran’s money in the Industrial Bank of Korea and Woori Bank of South Korea was transferred to the Swiss central bank’s account last week to be converted into other currencies.

According to this report, the Swiss central bank converts 300 to 400 billion won into dollars each working day and then converts the dollars into euros to be transferred to an Iranian-owned bank account in a foreign bank.

A Seoul foreign exchange market official told this media outlet that it is expected that all of Iran’s released funds will be converted to dollars in this way over five weeks.