Iran's state-run banks to rejoin SWIFT

TEHRAN, Jul. 27 (MNA) – CBI official said on Sunday that Iran's state-run banks will join SWIFT on the day JCPOA implementation.

Deputy Governor of the CBI for Foreign Exchange Affairs Gholamali Kamyab announced rejoining the country’s state-run banks to the Society for Worldwide Interbank Financial Telecommunication once Iran's nuclear agreement with the world states enters into effect.

Kamyab said that SWIFT is a global supplier of secure messaging services, which is used by nearly every bank around the world to send payment messages that lead to the transfer of money across international borders.

In early 2012, SWIFT announced that under pressure from the European Union, it had decided to discontinue communications services to Iranian banks and financial institutions that were subject to European sanctions. Accordingly, it blocked 30 Iranian banks from using its services, literally cutting off Iran from the global banking system.

Kamyab added that at present, all Iranian private banks are connected to the SWIFT and those state-run banks that are subject to EU’s sanctions will join the network in the near future.

 

News Code 108813

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