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INSTEX Failed Because Europeans Weren't Brave Enough: Central Bank

2021-01-18 12:12:16
The Central Bank of Iran (CBI) says the European financial mechanism known as the Instrument in Support of Trade Exchanges (INSTEX) has failed to fulfill its objectives.

The CBI noted the reason why INSTEX was unsuccessful was that the Europeans were not brave enough.

“INSTEX failed to work because the European countries did not have enough courage to exert their independent and national economic power; moreover, they found no way to finance INSTEX,” said the CBI’s Public Relations Office.

“Obviously, Iran is not prepared to replace its financial resources simply to preserve the European channel and import goods which it is able to procure through other channels as well,” the CBI added.

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GOVERNMENT OF THE ISLAMIC REPUBLIC OF IRAN