Business And Markets

Iran Humanitarian Trade Hangs in Balance Over SWIFT Uncertainty

Finance Desk
A bigger sense of consternation comes from the uncertainty about Iran's humanitarian trade in the absence of discourse between Iran and the US
Iran Humanitarian Trade Hangs in Balance Over SWIFT UncertaintyIran Humanitarian Trade Hangs in Balance Over SWIFT Uncertainty

As the interbank messaging system SWIFT prepares to formally announce the names of Iranian banks that will be disconnected from its platform, it is not clear how the outside world intends to maintain humanitarian trade with Iran. 
SWIFT chief executive Gottfried Leibbrandt said Friday that the Belgium-based financial messaging service will be disconnecting some Iranian banks at the weekend. 
Earlier in the week SWIFT had stated that it would be suspending some unspecified Iranian banks’ access to its messaging system “in the interest of the stability and integrity of the global financial system” but had not mentioned any links to the reimposition of US sanctions on Monday. 
Hossein Salimi, deputy chief of Money and Capital Markets Commission at Tehran Chamber of Commerce told the Financial Tribune that the SWIFT (the Society for Worldwide Interbank Financial Telecommunications) list of banned Iranian banks could be disclosed either on Saturday or Sunday, local bankers have no idea which banks might be left off the hook. 


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment