MTN has managed to extract billions of rands out of its Iran business with the help of European banks, people familiar with the matter told Bloomberg. This, as the company has been trying to repatriate the equivalent of $1 billion (R13.6 billion) from the Middle Eastern country for some time.

Bloomberg reports that with a number of money transfers completed, MTN expects to bring the entire sum home by the end of the first quarter of next year.

The stranded cash reportedly includes a $430 million (R5.9 billion) loan repayment from the 49% owned venture, MTN IranCell, as well as dividends accumulated in Iran over five years.

The company has been trying to take the money out of Iran since April, after US-led international sanctions were lifted in January. However, a lack of ties between Iran and international banks slowed the process. Bloomberg's sources say the transfers started flowing in October, after unnamed banks began assisting the telecoms operator in moving the funds.

In MTN's latest interim results, for the six months ended 30 June 2016, the company stated the continued easing of sanctions in Iran and its related economic uplift offers "significant opportunities" for the telco to expand services particularly in the digital space.

"MTN continues to work towards remitting some of its cash, amounting to approximately R15.4 billion from MTN Irancell, although this a complex process," the company said at the time.

Iran is MTN's third-largest market and contributes around 10% of MTN's earnings. MTN has around 47.3 million subscribers in Iran, where it has had a licence since 2005.