SWIFT reconnects Iranian banks to system
Source: Agencies |
February 18, 2016, Thursday
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Print Edition
Print Edition
GLOBAL transaction network SWIFT has reconnected a number of Iranian banks to its system, allowing them to resume cross-border transactions with foreign banks after the lifting of sanctions on Tehran, a SWIFT official said.
Iranian banks were disconnected from Belgium-based SWIFT, the Society for Worldwide Interbank Financial Telecommunication, in March 2012 as international sanctions against Tehran over its disputed nuclear program tightened.
The system is used to transmit payments and letters of credit.
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