Banks incapable of carrying out large transactions for Iran
Baku, Azerbaijan, Oct. 25
By Khalid Kazimov – Trend:
Most of money transactions between Iran and the rest of the world are still carried out through money shops, an Iranian trader said.
“Most of Iran’s international trades are, so far, carried out through money shops. Leading banks never cooperate with Iran,” TASNIM news agency quoted Yahya Al-e Eshaq, a member of Tehran Chamber of Commerce, Industries, Mines & Agriculture as saying.
Although Iranian banks have been reconnected to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), European leading banks carry out only small transactions regarding deals with Iran, he added.
Over the past decade, in a bid to curb Iran's nuclear program, international community took measures against Tehran, including restrictions imposed on the country's financial system, as well as its connection to the SWIFT, which have had a catastrophic impact on Iranians' economic situation and life conditions.
Although the nuclear related sanctions on Iran were lifted following the implementation of the Joint Comprehensive Plan of Action on January 16, Iran still has difficulty establishing banking ties with leading European banks as they are worried about running afoul of US regulations.