Could humanitarian bank project advance US, Iranian interests?
The complex network of sanctions on Iran means that even exempted humanitarian transactions remain difficult, and a humanitarian bank could provide the Iranian-American community with a legitimate, closely monitored channel to conduct business as well as prevent black market activities.
As the new administration in Washington outlines and develops its Iran policy — including whether, how and at what pace to lift sanctions on Tehran — the Iranian people still face challenges making any transfers in and out of the country at a time when many are facing economic hardships and humanitarian crises. While these policies are being worked out, a closely monitored "humanitarian bank" could offer an opportunity for Iranians abroad to send money to relatives and improve their daily lives.
The slew of sanctions on Iran has made it nearly impossible to transfer money into the country, causing frustration for many Iranian-Americans living in the United States and Iranians with family abroad.
Reza, a 45-year-old academic, is no exception. He moved to the United States 23 years ago to continue his studies, eventually becoming a college professor. Recently, his mother had a medical operation in Tehran and he wanted to help. But there was no legitimate way to send money back to Iran. “All [possible] transactions involved shady individuals,” he told Al-Monitor. He was told to send money to a contact who would send it to a currency exchange office in the United Arab Emirates. “Life should not be this difficult,” he said. All he wanted to send was $2,000.
Thousands of Iranian-Americans like Reza have sought ways to keep their economic ties with their homeland and failed to find a bank offering services to ordinary people of Iranian origin. It is time to consider establishing a community bank focusing on humanitarian trade with Iranians and not the Iranian government and operating within international laws and regulations.
