Ali Majedi, who is deputy minister for international affairs and trading, said the Central Bank of Iran is facilitating transactions and money transfer to that effect.

He said the development is due to the implementation of Iran’s historic nuclear deal with world powers.

Due to sanctions imposed by the European Union and the United States, buyers of Iran’s crude oil could not pay Iran in cash.

Based on the Geneva deal, 4.2 billion dollars in oil revenues owned by Iran will be unfrozen.