MTN extracts first cash from Iran

South Africa-based MTN Group has reportedly begun to repatriate cash from its 49% subsidiary operation in Iran, MTN Irancell. The group had previously been unable to take funds from Iran due to economic sanctions imposed on the country, but these were lifted earlier this year. Bloomberg reports that MTN Group has now managed to extract several hundred million dollars with the help of European banks, and it is looking to take a total of around USD1 billion by the end of March 2017. The money includes a USD430 million loan repayment from MTN Irancell. The South African group recently reaffirmed its commitment to the Iranian market, where it is the number two mobile provider.