Iran says SWIFT open to 9 banks Monday
Iran said on Sunday that nine more banks are set to be re-connected to SWIFT international banking system.
Valiollah Seif, the governor of the Central Bank of Iran (CBI), has been quoted by the media as saying that the banks will be re-connected to SWIFT in the early hours of Monday.
Seif added that the mechanism for the Iranian banks to open letters of credit (L/C) is already working. He said the mechanism started to work immediately after the sanctions on Iran were lifted in mid-January.
The L/Cs, he said, were opened in the banks of the Persian Gulf countries and were delivered at European banks the next day.
Iran saw the draconian sanctions that had been imposed against it for several years lifted on 16 January.
A central theme of the sanctions was putting restrictions on Iran’s banking transactions with the international financial institutions through various mechanisms including closing SWIFT services to the country.
However, it became off limits to Iranian banks in 2012 after the implementation of the US-led sanctions against the country. Accordingly, around 30 Iranian banks were blocked from using SWIFT services, literally cutting off Iran from the global banking system.
Several Iranian private banks including Dey, Saman, Pasargad, and Parsian in addition to two state-run banks – Maskan and Keshavarzi – have already become reconnected to SWIFT.