US sanctions won't affect Iran’s financial transaction systems – FABA head (Exclusive)

US sanctions won't affect Iran’s financial transaction systems – FABA head (Exclusive)

Tehran, Iran, July 18

By Kamyar Eghbalnejad, A. Shirazi - Trend

The chief executive of FABA, a government-owned center for promotion of electronic banking, said Iran’s financial transaction systems will not be directly affected by the new US sanctions.

Our financial transaction systems are all developed domestically and impending US sanctions cannot affect them, Mohammad Morad Bayat, told Trend on July 16.

"Shaparak and Shetab are two national and domestic switches and the sanctions will not affect them."

He added that the country could do transactions with different countries to transfer money.

"We have integrated our banking systems with Iraq and Turkey and are currently doing transactions with them," he said.

Iranians are able to use their credit cards in Turkey, and we are pursuing the same plan with Russia, Bayat said.

This could help facilitate the volume of banking transactions between Iran and other countries at the international level, he said.

The Central Bank of Iran has registered more than 1.5 billion transactions in one month, Bayat concluded.

Iranian banks are now facing a major problem, as they are not connected to global electronic payment terminals and providers of secure financial messaging services.

SWIFT – the Society for Worldwide Interbank Financial Telecommunication – is used by nearly every bank around the world to send payment messages that lead to the transfer of money across international borders. It provides a wide range of service including transmitting letters of credit, payments and securities transactions among 9,700 banks in 209 countries.

Following the 2015 nuclear deal between Tehran and world powers and the ensuing removal of anti-Tehran sanctions, Global transaction network SWIFT reconnected a number of Iranian banks to its system, allowing them to resume cross-border transactions with foreign banks

However, US President Donald Trump’s decision to withdraw from the international agreement has dissuaded foreign banks from doing trade with Iran.

The first round of US sanctions on Iran goes into effect in August, followed by ones targeting Iran's oil exports in November.

FIA updates schedule of Formula 1 weekends
FIA updates schedule of Formula 1 weekends
Azerbaijan confirms 127 more COVID-19 recoveries
Azerbaijan confirms 127 more COVID-19 recoveries
Azerbaijani Ministry of Education implementing innovative projects with Microsoft
Azerbaijani Ministry of Education implementing innovative projects with Microsoft
Loading Bars
Latest
Iran's exports to Azerbaijan not on high enough level - Ali Jahangiri
State Oil Fund of Azerbaijan enters top five most transparent sovereign wealth funds
Large-amount loans issued in Iran's services sector
Excavations at Iran's South Pars gas field continue
Significant work done on water and electricity sectors in Iran – minister
Azerbaijan’s Buta Airways low-cost airline to resume flights from Baku to Ukraine’s Kyiv
Iran implements plan to maintain, increase extraction from several oil fields
Turkmenistan sees increase in trade turnover volumes
Japan government spokesman says timing of Biden-Suga meeting undecided
Exports to Iraq via Mehran crossing top $460m
Kazakhstan’s daily COVID-19 case count stands at 653
Weekly review of Azerbaijani ICT sector highlights
GE nears deal to combine aircraft-leasing unit with AerCap
Reopening schools a "national effort" to beat coronavirus - UK PM
Iran to construct new seaport making it largest in country
France ramps up weekend COVID-19 vaccinations after slow start
U.S. administers 90.35 million doses of COVID-19 vaccines
Swiss agree to outlaw facial coverings in 'burqa ban' vote
UK reports 82 new COVID-19 deaths
White House cites 'active threat,' urges action despite Microsoft patch
Iran's South Pars Gas Company declares gas production volumes
President Ilham Aliyev makes Facebook post on International Women's Day
4 terrorists killed in security forces operations in NW Pakistan
Turkey registers more than 11 180 new coronavirus cases
Iran’s CBI unveils amount of loans issued by banks
Azerbaijani Finance Ministry to auction off interest-bearing bonds
Iran to launch several facilities under city municipalities
Azerbaijan together with McKinsey improving railway sector
Turkmenistan's State Development Bank opens tender for IFRS 9 standard implementation
FIA updates schedule of Formula 1 weekends
Amount of loans issued in Iran's industrial and mining sectors announced
Israel's forex reserves hit record 185.09 bln USD
Review of main events of Azerbaijani financial market for first week of March
Turkey goes zero waste in agriculture
Iran's Energy Exchange announces products to be on sale on March 8
Iran’s Bahar Azadi gold coin price rebounds
Uzbekistan takes additional measures to support livestock industries
Iran’s CBI shares report on open market operations
Geostat reveals volume of meat production in Georgia
Reopening schools a "national effort" to beat coronavirus: UK PM
Jordan's PM reshuffles cabinet to accelerate reforms
Turkmenistan's oil refining volumes exceed plan
Kazakhstan increases imports from Hungary in 2020
Iran's interbank interest rate decrease
Weekly review of Azerbaijani currency market
Indonesia reports 5,826 new COVID-19 cases, 112 more deaths
7 killed, 3 missing in floods in northern Algeria
Iran reveals COVID-19 data for March 7
Azerbaijan shows footage from Aghdam's Suma village (VIDEO)
COVID cases up in Turkey’s 3 biggest cities as east enjoys calm
Turkmenistan reveals indicators of construction, industrial sector
Iran launches new projects in Hormozgan Province
Azerbaijan's Mortgage & Credit Guarantee Fund signs tender contract
Russia’s confirmed coronavirus cases grow by 10,595 in past day to 4,322,776
Azerbaijan confirms 127 more COVID-19 recoveries
Bitcoin rises 4.2% to $50,947.94
Georgia reports 234 coronavirus cases, 349 recoveries, 9 deaths
Uzbekneftegaz stabilizes pressure at gas pipelines of Mubarek oil & gas dep’t
Prices on Azerbaijani oil continue to rise
Khazar Consortium opens tender for purchase of steam field unit
Iran to manufacture new wagons and locomotives
Saudi-led coalition destroys 10 Houthi drones
Document on providing all countries with vaccine against COVID-19 adopted under Azerbaijan’s chairmanship in NAM
8 police, 5 militants killed during clashes in N. Afghanistan
Weekly review of Azerbaijani precious metals market
Iran's Energy Exchange announces products to be on sale on March 7
Azerbaijan shows footage from Fuzuli's Garakollu village (VIDEO)
Weekly review of major developments in Azerbaijan's transport sector
S. Korea reports 416 more COVID-19 cases, 92,471 in total
Health Minister: Only WHO approved vaccine to be imported
Turkey records dropping revenues from cement export to Georgia
Iran's customs releases more imported commodities
Turkmenistan shares data on GDP growth rate
New hazelnut processing plant to open in Azerbaijan’s Zagatala
New Zealand's Auckland emerges from lockdown, Australia starts AstraZeneca vaccinations
China exports jump 60.6% y/y in January-February, imports up 22.2%
Brazil registers 1,555 deaths from COVID-19 in 24 hours
Iran's trade, economic, political relations with neighboring countries to be developed
Ebola infects 29 people, kills 13 in Guinea, DRC: Africa CDC
UN chief condemns terrorist attack in Somalia
Paraguay’s president asks all ministers to resign amid protest rallies
Weekly review of highlights in Azerbaijan's agricultural sector
Israel reports 3,262 new COVID-19 cases, 799,727 in total
Biden says $1,400 payments can start to go out this month
France registers 23,306 new coronavirus cases, 170 deaths
U.S. Senate passes 1.9-trln-USD relief bill after marathon overnight session
UK records another 6,040 coronavirus cases, 158 deaths
India could be next happening market for SPAC-driven investor frenzy
Amazon, Google vie for piece of India digital payment market
India’s Wipro to acquire UK company for $1.45 bn
Indian-American named 1st VP, COO of Federal Reserve Bank of New York
Indian Govt to support Sri Lanka – Keheliya
Canada thanks India for sending 500,000 doses of COVID-19 vaccines
India proposes inclusion of Chabahar Port in INSTC multi-lateral corridor project
Nepali Parliamentarians take COVID-19 vaccine ahead of reinstated lower house meeting
Twitter tests audio chat tool Spaces on Android in India
WHO reports over 353,000 new daily cases of COVID-19
U.S. administers 87.9 million doses of COVID-19 vaccines: CDC
Foreign diplomats acquainted with Gulebird HPP in liberated Lachin of Azerbaijan (PHOTO)
Uzbekneftegaz eyes increasing daily production of liquefied gas at Shurtan oil&gas dep’t
All news