“A recent letter from a bipartisan group of U.S. Senators to the presidents of the European Council and European Central Bank has shed light on the Iranian use of the European Central Bank’s Trans-European Automated Real-time Gross Settlement Express Transfer System—also known as Target 2. This allows Iran to convert Iranian rials into euros. With euros in hand, Iran has far more latitude to conduct foreign transactions than it otherwise could with their increasingly worthless currency. The Senators urged the European Central Bank to immediately block Iranian access to Target 2.”
http://www.economicpolicyjournal.com/2013/03/some-breathing-room-for-iran.html
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