Iran's central bank re-connects to SWIFT directly

Business Materials 16 February 2016 14:25 (UTC +04:00)

Baku, Azerbaijan, Feb.16

By Emil Ilgar - Trend:

The Central Bank of Iran as well as other 15 domestic banks have re-connected directly to SWIFT on Feb.15, President Hassan Rouhani's Chief of Staff Mohammad Nahavandian said.

Nahavandian said that Iranian banks have been connected to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) indirectly since commencing nuclear deal in January, but for first time, they connected to SWIFT directly on Monday, Fars reported Feb.16.

Iran says resumption of connection to SWIFT will decrease the cost of foreign trades by 15 percent.

In a joint statement on Jan. 16, the EU High Representative Federica Mogherini and Iran's Foreign Minister Mohammad Javad Zarif announced the implementation of the JCPOA, aka nuclear deal, and the removal of economic sanctions on Iran.

According to the statement, EU confirmed that the legal framework, providing for lifting of its nuclear-related economic and financial sanctions, is effective.