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Monday, May 28, 2012

Iran Activates Alternative System for SWIFT

It didn’t take the Iranians long to find a way around the US’ use of the SWIFT payment system as an economic weapon.


Iran’s Central Bank Governor Mahmoud Bahmani stated Saturday that Iran has already activated an alternative payment clearing system to SWIFT.

 The US appears to have shot itself in the foot by encouraging Iran and by proxy, India, Russia, China, Japan, and the rest of Iran’s trading partners to move further from the US dollar as a reserve currency by shutting Iran out of the SWIFT system. 



Governor of the Central Bank of Iran (CBI) Mahmoud Bahmani says the country has designed and implemented a new system for conducting international transactions.
Bahmani said on Saturday the new system, which has already been activated, would replace Worldwide Interbank Financial Telecommunication (SWIFT) 

On March 15, SWIFT CEO Lazaro Campos said in a statement that the society has decided to discontinue offering services to Iranian banks which are subject to financial sanctions imposed by the European Union. 

On January 23, the EU foreign ministers approved new sanctions on Iran’s financial and oil sectors, which prevent member countries from importing Iranian crude or dealing with its central bank.
Experts believe that SWIFT’s new action is meant to fully enforce EU sanctions, as global financial transactions are impossible without using SWIFT.

Read more:

http://www.silverdoctors.com/iran-activates-alternative-system-for-swift/

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