CBI: Iranian Banks to Rejoin SWIFT after Sanctions Removed

Kish Island, October27, 2015- The governor of the Central Bank of Iran says the Iranian banks will rejoin SWIFT (Society for the Worldwide Interbank Financial Telecommunications) as soon as the economic sanctions against the country are lifted.

According to the Public Relations and International Affairs Department of Kish Free Zone Organization, Valiollah Seif said the necessary arrangements have already been made in this regard.

A strategic committee including different banking sectors such as currency and payment systems has been established by the CBI to facilitate rejoining SWIFT, said Dr. Seif.

“As soon as the sanctions are lifted, the Iranian banks will receive services from SWIFT,” he said, adding that the CBI has already devised a comprehensive plan to connect the national payment network to the international networks, he reiterated.

SWIFT, or Society for the Worldwide Interbank Financial Telecommunications, is a global supplier of secure messaging services, which is used by nearly every bank around the world to send payment messages that lead to the transfer of money across international borders. It operates service transmitting letters of credit, payments and securities transactions among 9,700 banks in 209 countries.

Dr. Seif also pointed to the increasing technology development across the world and said an interactive approach is needed to be taken to expand online banking services for the customers.

He said the CBI welcomes using the modern technology to reduce bureaucracy and boost banking services in the country.

“We intend to establish Iran’s first cash-free zone in Kish Island,” the CBI governor added.

PR & Int'l Affairs Department- KFZO