Iranian banks reconnect to SWIFT banking system

Elizabeth Jabejian News
The Central Bank of Iran and 15 other banks have re-engaged with the banking world as international lenders link up with their Iranian counterparts using global transaction network SWIFT, said the head of Presidential Office Mohammad Nahavandian on Tuesday, reports.

According to the senior official, Iran is now reconnected to the Society for Worldwide Interbank Financial TelecommunicationĀ (SWIFT), the global providerĀ of secure financial messaging services through which LCs can now be issued as well.

In an update on its website, SWIFT said theĀ European Union has announcedĀ that theĀ Implementing LegislationĀ has taken effect.Ā SWIFT has informed the relevant stakeholders about the necessary measures that need to be put in place to make it possible for those banks that are delisted by the Implementing Regulation to reconnect to SWIFT.

The announcement follows implementation of Iranā€™s nuclear agreement, where the EU, the United Nations and the United States lifted sanctions on the country in exchange for curbs on its civilian nuclear activities.