Iran Disputes the Financial Ramifications of SWIFT on Currency

Published November 14th, 2018 - 11:11 GMT
SWIFT does not have any role in maintaining accounts and currency settlements and with disconnection of SWIFT services. (Shutterstock)
SWIFT does not have any role in maintaining accounts and currency settlements and with disconnection of SWIFT services. (Shutterstock)

Central Bank of Iran (CBI) in its latest report said that Society for Worldwide Interbank Financial Telecommunication (SWIFT) does not have any role in keeping accounts and settlement of currency.

In its reaction to the suspension of global financial messaging services of some Iranian banks, CBI added, “SWIFT does not have any role in maintaining accounts and currency settlements and with disconnection of SWIFT services, any disruption and irregularities is not predicted in the currency and foreign trade exchanges of the country.”

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Given the possibility of disconnection of providing SWIFT services in some Iranian banks, alternative messaging systems have already been put into operation for covering SWIFT services and facilities.

Therefore, by disconnecting the provision of SWIFT services to some domestic banks, any disorder is not predicted in fulfilling currency transactions and foreign trade process, so that economic activists can use services of all licensed banks for doing their commercial and business activities.


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