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02-24-2015, 01:29 PM
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"(Reuters) - At least $1 billion in cash has been smuggled into Iran as it seeks to avoid Western sanctions, a bigger figure than previously reported, Iranian officials and Western intelligence and diplomatic sources say.
Sanctions imposed by the West over Iran's nuclear program have shut Tehran out of the global banking system, making it hard to obtain the U.S. dollars it needs for international transactions.
In December, the U.S. Treasury said the Iranian government had obtained hundreds of millions of dollars in bank notes using front companies.
Interviews by Reuters with Iranian officials and Western diplomatic and intelligence sources show a bigger smuggling effort by Tehran, as well as the routes and methods used -- details not previously reported. These sources said at least $1 billion in U.S. bank notes had been smuggled into Iran in recent months, with the Iranian central bank playing an important role.
Exclusive: Iran smuggles in $1 billion of bank notes to skirt sanctions - sources | Reuters
The confidence builds
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