Quoting an informed source, the agency reported: "$550 million in frozen Iranian assets (were) transferred to Iran's Central Bank account in Switzerland.

The agency said the money was a first instalment of $4.2 billion in blocked Iranian oil revenue that is to be made available to Iran under the Nov. 24 deal.

That agreement is designed to crtail Iran's nuclear activities for a six-month period beginning on Jan. 20 in exchange for sanctions relief from six major powers: Britain, China, France, Germany, Russia and the United States.

Under the accord, Iran agreed to curb its nuclear activity - higher-level uranium enrichment - in return for some relief from Western sanctions.

The agreement aims to give the two sides six months to reach a comprehensive deal to address all pending questions used as a pretext to impose the US-led illegal sanctions against Iran.

Among the total sanctions relief over the six months, $4.2 billion is in the form of access to currently blocked Iranian revenues held abroad.

In January a U.S. official said access to some of those funds depended on Iran keeping its commitment to dilute half of its 20 percent enriched uranium to no more than 5 percent enriched uranium.

NJF/NJF