- Germany, France and the UK have setup a transaction channel named INSTEX — short for “Instrument in Support of Trade Exchanges.” that allows non-dollar trade with Iran. This will help the European countries to trade with Iran despite the sanctions imposed on Iran by US.
- INSTEX is Headquartered in Paris, France and will be headed by German banker Per Fischer, a former director of Commerzbank.
Points to remember:
- Full form of INSTEX?
- INSTEX has been setup by which 3 countries?
- INSTEX has been setup for trading with which country?
- Headquarters of INSTEX