Iran’s Cooperative Development Bank still working with SWIFT
Baku, Azerbaijan, Sept. 1
By Elnur Baghishov – Trend:
Iran’s Cooperative Development Bank (Tose'e Ta'avon Bank) is one of the few banks still working with SWIFT, the bank’s CEO Hojatollah Mehdian told ILNA, Trend reports.
According to him, despite the US sanctions against Iran, the bank was able to maintain its international relations.
At the same time, the bank is also working to facilitate trade with neighboring countries, including Iraq and Afghanistan, Mehdian added.
"Of course, these activities are at an early stage and will be announced as implemented," he said.
Mehdian went on to say that the volume of the bank's foreign exchange operations amounted to more than $2 billion two years ago (March 21, 2017 - March 21, 2018), and further noted that, despite the imposed sanctions, the volume of Iran's foreign currency transactions dropped by 10 percent to $1.8 billion last year (March 21, 2018 - March 21, 2019).
The US imposed sanctions on Iran in November 2018 and subsequently expanded the list of sanctions.