Tehran: Iranian Central Bank Governor Abdolnasser Hemmati announced on Tuesday that the provisions related to the release of Iran's frozen assets under a proposed memorandum of understanding with the United States are designed to ensure Iran's access to the funds. Speaking with Tasnim news agency, Hemmati emphasized that lessons from previous agreements have been considered in drafting the asset-release provisions.

According to Anadolu Agency, Hemmati detailed that the memorandum clearly defines US obligations concerning the release of Iranian assets and includes mechanisms to make those commitments enforceable. He highlighted that like any international agreement, the effectiveness of this memorandum would ultimately depend on its implementation and a necessary verification process.

The central bank chief noted that once the memorandum is signed and comes into force, technical and banking procedures will be undertaken to verify the release of the assets and Iran's ability to access and use them. Hemmati assured that the released funds would remain assets of the Central Bank of Iran and that decisions on their management, allocation, and use would be made by the bank based on legal authorities, economic conditions, and the country's foreign-exchange priorities.

Iranian and US officials are expected to sign the memorandum in Switzerland on Friday, following negotiations aimed at resolving months of regional conflict and easing tensions between the two countries.