The International Monetary Fund (IMF) opposed a call by a New York-based American advocacy group to halt business with the Central Bank of Iran (CBI), according to Fars News Agency.

The advocacy group, United Against Nuclear Iran, said the IMF “should not be hosting Iranian delegations in the U.S. and elsewhere, and Ms. Lagarde should stop lavishing praise on Iran and Bank Markazi.”

In reply, the IMF said on Tuesday, May 1, that its account with Bank Markazi is simply related to Iran's membership in the IMF and does not contravene sanctions placed on Tehran to pressure it not to develop nuclear weapons.”

"According to our constitution... the IMF's holdings of each member's currency are maintained with the central bank of the relevant member, including Iran. There is nothing in the EU or U.S. sanctions regimes that is inconsistent with these arrangements," IMF spokesman William Murray said.