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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