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German seasoned banker to head INSTEX

Tehran, German banker Per Fischer, a former Commerzbank director, will head the Instrument In Support Of Trade Exchanges, or INSTEX, set up by France, Germany and Britain to facilitate Iran's global trade.

German journal Der Spiegel quoted informed sources as saying that Per Fischer, 69, will head the INSTEX, a European mechanism for non-dollar trade with Iran to avert US sanctions.

EU foreign policy chief Federica Mogherini has also welcomed INSTEX.

Mogherini said Germany, France and Britain will in the next few hours announce official inauguration of the INSTEX and that she will in a statement announce strong support for the mechanism.

Source: Islamic Republic News Agency

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