Economy, Business And Markets

4 Regional Banks Linked to SWIFT

4 Regional Banks Linked to SWIFT4 Regional Banks Linked to SWIFT

Global transaction network SWIFT is now linked to Bank Mellat’s Armenia branch, Bank Tejarat’s Dushanbe branch, Bank Melli’s Baku branch and Bank Melli’s Iraq branch, according to a senior official of the Foreign Ministry.

“After installing the required software, the four banks were connected to the network and received their SWIFT code,” IRNA quoted Hamid Baeidinejad as saying on Wednesday.

“With the addition of the four banks, 26 Iranian banks are now linked to the Society for Worldwide Interbank Financial Telecommunications since the lifting of the sanctions on January 16,” he added.

According to Baeidinejad, seven other banks are also in the process of joining SWIFT.

The Iranian banking system was reconnected to SWIFT on January 17, but some technical adjustments like installing software and defining new users were required before operations resumed.

Bank Tejarat’s Paris, London and Hong Kong branches, as well as Bank Sepah’s Frankfurt branch are other Iranian banks—located outside the country—that are already linked to the network.