Iran, Germany to establish joint banking committee

The German and Iranian governments have decided to establish a joint banking committee. Officials from Berlin and Tehran will come together in September for the first meeting of the committee. The decision came after Iran and the five permanent members of the U.N. together with Germany came to an understanding in the nuclear negotiations on July 14. Additionally, the U.N. Security Council unanimously accepted the draft resolution, which approves the nuclear agreement and stipulates the U.N. sanctions on Iran will be gradually lifted. $700 million of Iran's frozen assets abroad will be released every month after the sanctions are lifted. It is estimated that the total amount is around $150 billion.