Mohammad Reza Farzin, the Governor of Iran's Central Bank

Iran, Qatar Agree On Utilization Of Tehran’s ‘Hostage Ransom’

Wednesday, 09/27/2023

Arrangements for banking operations of the freed up $6bn of Iranian funds resulting from a hostage deal with the United States, were finalized on Wednesday. 

The logistics were confirmed during a meeting between Mohammad Reza Farzin, the Governor of Iran's Central Bank, and Sheikh Bandar bin Mohammad Al Thani, the Governor of Qatar's Central Bank, according to the Iranian state news agency.

On September 18, Farzin announced that 5.73 billion euros from Iran's frozen assets had been deposited into the accounts of six Iranian banks held in two Qatari banks, namely Al-Dukhan and Al-Ahli.

Farzin further explained that Iranian banks had established accounts in the two Qatari banks, and all transactions were executed by Qatari bank representatives, as well as through SWIFT, in accordance with the agreed-upon terms.

In August, the United States and Iran unveiled a deal to release the frozen funds from South Korea in exchange for the release of five US citizens who were being held hostage by the Islamic Republic.

Qatar played a mediating role in the contentious agreement, which critics have characterized as the highest-ever ransom paid for hostages, totaling $1.2 billion per individual.

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