Iran Central Bank to quit SWIFT before November sanctions kick in
Baku, Azerbaijan, Oct. 17
By Elnur Baghishov - Trend:
The Central Bank of Iran is trying to quit SWIFT and transfer its system to another inter-bank system before the November sanctions are imposed, Fars News Agency reported citing the bank's spokesperson.
The Central Bank has a program to exit SWIFT and access an alternative system to continue banking operations after US Treasury Department imposes sanctions, the spokesperson said, adding the bank hopes the efforts made in this program will be successful.
SWIFT was established in May 1973. The US, the Netherlands, the UK and Hong Kong act as support centers for members. So, the US State Department can inspect the financial transactions between Iranian banks and banks of other countries, and punish those who violate sanctions against Iran.