Iran claims to have replaced SWIFT system for international payments
Submitted by cpowell on Sun, 2012-05-27 16:20. Section: Daily Dispatches
Iran Designs Alternative System for SWIFT, Central Bank Says
From Press TV, Tehran, Iran
Saturday, May 26, 2012
Saturday, May 26, 2012
Iranian central bank governor 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, the SWIFT system.
On March 15, SWIFT CEO Lazaro Campos said in a statement that the society has decided to discontinue offering services to Iranian banks 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.
Bahmani rejected reports about a Japanese bank freezing transactions with Iranian banks.
On May 17 Reuters reported that Bank of Tokyo-Mitsubishi UFJ has frozen $2.6 billion of assets of Iranian banks under an order by the New York District Court this month.
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