TEHRAN (FNA)- Central Bank Governor Valiollah Seif announced that financial sanctions would be annulled by January, in case the nuclear agreement struck with the world powers comes into effect in the upcoming two or three months.

�The ban on the financial system will be removed in three to five months following the implementation of the hammered deal, the Joint Comprehensive Plan of Action (JCPOA), and sanctions may fall way in January if the agreement comes to force in the upcoming two and a half months,� the CBI official said in a televised program.

�Preliminary measures on the way to implement the agreement have been taken and the banks are fully informed about their activities and duties in the post sanction-era,� the CBI official added.

The removal of sanctions will also lead to the unfreezing of Iranian assets that had been blocked in overseas accounts over the past years, Seif said.

However, the top official firmly rejected the recent speculations prompted by US officials who claim the value of the country�s assets frozen in overseas banks surpass $100 billion, and announced that the real amount stands at $29 billion.

�$23 billion of the blocked money belongs to the CBI and the rest is the government�s oil revenues,� he clarified.

Iran and the world powers reached a final agreement in Vienna on July 14 to end a 13-year-old nuclear standoff.

After the agreement, the UN Security Council on Monday unanimously endorsed a draft resolution turning into international law the Joint Comprehensive Plan of Action (JCPOA) reached between Iran and the 5+1 (the US, Russia, China, Britain and France plus Germany) group of countries over the Islamic Republic�s nuclear program.

Now the US Congress and the Iranian parliament have less than 60 days to review the deal.

By Fars News Agency