The IMF said its account with Bank Markazi is simply related to Iran’s membership in the IMF and does not contravene any sanctions on Tehran.
The advocacy group United Against Nuclear Iran (UANI), an organization formed by retired US diplomats and government officials, said the IMF needed to shut down its account with Bank Markazi, because the bank is a specific target of the sanctions, or suspend Iran’s membership in the fund.
UANI also criticized the IMF managing director, Christine Lagarde, for meeting with Bank Markazi’s chief during the IMF’s meeting last month in Washington, and for allegedly “lavishing praise on Iran and Bank Markazi.” The Iranian media have quoted her as praising Iran’s policies, but the IMF has not released any such remarks by her.
“The IMF must also stop treating the Iranian regime like a responsible government in good standing at a time when the international community is trying to isolate it,” UANI said.
IMF spokesman William Murray said the IMF’s account at Iran’s Central Bank is simply there to hold the Iranian funds committed to the IMF as an obligation of its membership in the crisis lender.
“According to our constitution,… the IMF’s holdings of each member’s currency are maintained with the central bank of the relevant member, including Iran,” Murray said. “There is nothing in the EU or US sanctions regimes that is inconsistent with these arrangements.”
US Treasury Department spokesman John Sullivan told The New York Times the IMF is exempt from both the US and EU sanctions on Iran’s Central Bank.
As for UANI’s call to suspend Iran’s membership in the 188-member Fund, the IMF’s Murray said: “This is a matter that is best taken up with the Fund’s member countries. We have no comment.”
According to the IMF website, Iran has not had any financial transactions with the IMF since January 1984.