Frozen Iranian assets in South Korea were transferred to the Swiss Central Bank last week to exchange them for other currencies and return them to Iran, South Korean media reported on Monday.
The Swiss National Bank plans to exchange its $6 billion holdings in won for dollars and then euros in the currency market, converting about 300 billion won ($223.85 million) to 400 billion each day for the next five weeks, Yonhap Infomax reported, citing an unnamed currency market source.
An official at the South Korean Finance Ministry declined to confirm what was stated in the report, pointing to the sensitivity of the issue from a legal and diplomatic point of view.
Iran and the United States recently reached an agreement under which five Americans held in Iran will be released in exchange for Iranian assets frozen in South Korea and sent to an account in Qatar that Iran can access.
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