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Iran banks to be able to use SWIFT 2 weeks after sanctions removed

Business Materials 11 January 2016 20:48 (UTC +04:00)

Tehran, Iran, Jan. 11

By Mehdi Sepahvand - Trend:

Iranian banks that haven't been put under sanctions are now using the Society for Worldwide Interbank Financial Telecommunication (SWIFT), while other Iranian banks will be able to use it two weeks after the sanctions are lifted, said Hassan Yaghoubi, director of Relations Department at the Iranian Central Bank's International Affairs Office.

"Once the Joint Comprehensive Plan of Action (JCPOA, aka nuclear deal) is implemented, we will be accepted as a new member to the SWIFT and the rejoining process will be put on agenda," he said, SHANA news agency reported January 11.

He underlined that many foreign banks, from the giant ICBC to other mid-ranking banks, have said they are ready to cooperate with Iran.

"We have also started some work on financing and treasure. The Bank of Muscat has stated readiness to open credit line of $200 million to $250 million," the official further stated.

Iranian banks have not been able to use the SWIFT under harsh sanctions. The sanctions are to be lifted this month according to the JCPOA, which was reached back in July.

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