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Iran designs alternative system for SWIFT

Press TV – May 26, 2012

The Governor of the Central Bank of Iran (CBI) Mahmoud Bahmani says that the country has designed and implemented a new system for conducting international transactions.

Bahmani said on Saturday that 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.

Bahmani rejected reports about a Japanese bank freezing transactions with Iranian banks.

On May 17, the Reuters reported that Bank of Tokyo-Mitsubishi UFJ has frozen USD 2.6 billion of assets of Iranian banks under an order by the New York District Court earlier this month.

May 27, 2012 - Posted by | Economics, Wars for Israel | , , , , , , ,

3 Comments »

  1. Well done, Iranians!

    Comment by traducteur | May 27, 2012 | Reply

  2. Iran is not only peace loving, but the most intelligent of all nations on earth. No matter what the West has planned to do, the evil and cunning illuminatists are absolutely no match for the God loving nation of Iran. Rev. 17 &18 is on the immediate horizon.

    Comment by Joyce/spiritwoman | May 27, 2012 | Reply

  3. [...] Iran designs alternative system for SWIFT (alethonews.wordpress.com) [...]

    Pingback by Iran Designs Alternative System For SWIFT: CBI | | Shift FrequencyShift Frequency | May 28, 2012 | Reply


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