Iran considers alternative systems to SWIFT- CBI governor

Finance Materials 6 November 2018 11:54 (UTC +04:00)

Tehran, Iran, Nov.6


Negotiations with the trading partners have been conducted and their interaction has been coordinated, Governor of Central Bank of Iran (CBI) Abdolnaser Hemmati announced in a statement, IRNA reported.

The United States announced a new raft of sanctions on Iran on Monday and threatened further actions. The new measures cover 50 Iranian banks and subsidiaries, more than 200 persons and vessels in its shipping sector, and targets Tehran’s national airline, Iran Air, and more than 65 units of its aircraft.

The move to restore all the US sanctions that had been lifted under the 2015 nuclear accord that gave Iran billions of US dollars in sanctions relief in exchange for curbs on its nuclear program. It brought to more than 900 the number of Iran-related targets sanctioned by the Trump administration in less than two years.

"The necessary measures have been taken within the framework of strict regulation on resources and foreign exchange expenditures and the status of the country's foreign exchange reserves has been upgraded to the desired level, as reflected in recent developments in the stability of money and currency markets,” said Hemmati in a statement.

“Iran’s central bank also anticipates alternative systems for banking engagement with the trading countries, considering the possibility of disconnecting SWIFT.”

The Belgium-based SWIFT financial messaging service said on Monday it is suspending some unspecified Iranian banks’ access to its messaging system in the interest of the stability and integrity of the global financial system.