Japan PB resumes remittance service to Iran
Japan Post Bank announced here on Tuesday that it will continue remittance service to Iran, despite the gossips heard regarding the suspension of services to Iran.
Dispatching the remittances services will be continued until Aug. 2008, according to the contract between the sides and the bylaw of the Universal Postal Union (UPU) and the guidelines of the Postal Financial Services Group (PFSG) which was coordinated on Aug. 9, 1999.
The reason the bank cited about the formerly news of suspension was the US sanctions against Iranian banks from October 25. Japan Post Bank said that intermediary banks in the chain to its Iran transfers were unable to continue dealing with the three largest state-run Iranian banks, as a result of these sanctions.
This was an unusual move for Japan, which has maintained cordial relations with Iran after the Islamic Revolution in 1979. Though numbers are disputed, a large number of Iranians are reported to live in Japan. The number of remittances to Iran processed by the Post Bank was around 200 annually, with a value of around USD 450,000.
Japan Post Bank will disperse risks and diversify earnings sources, by diversifying means of investments (into trading of derivatives, acquisition and sales of monetary credits, syndicated loans, securitized products, beneficiary rights, and investments in stocks), while controlling interest rates-associated risks appropriately and will strengthen channels of post office networks, by providing its infrastructure and sales support tools, improve the compliance system, help improve quality and enhance training programs.
