Citing World Bank figures on a huge GDP fall 2017-20, Gholam-Hossein Shafei has said the government needs to revise policies to stimulate competition and encourage investment.
22 hours 45 min ago
Iran is Trying to Exit SWIFT Before November
According to Fars News, the official news agency of the Islamic Republic, “an informed official in the Central Bank” said that after the imposed sanctions and the problems that “Swift might cause for Iran”, the Central Bank is trying to replace the Swift system with another.
Swift is an international banking system that allows quick transfer of money between banks. Swift cut off its services to Iran once before in 2012 due to pressures from the US Congress. It is estimated that every day almost 5 trillion dollars are transferred around the world by Swift.
The anonymous source told Fars News that “the Central Bank is preparing the banking system for when the sanctions go into effect” to resolve the money transfer issue.
The new round of US sanctions will go into effect on November 4th, which is the anniversary of the day that Khomeinist forces occupied the American embassy in Tehran and took American diplomats hostage.
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