ECONOMY

SWIFT system to disconnect some Iranian banks this weekend

SWIFT said that suspending the Iranian banks access to the messaging system was “taken in the interest of the stability and integrity of the wider global financial system.”(Reuters)

The Belgium-based SWIFT financial messaging service will be disconnecting some Iranian banks this weekend, said SWIFT chief executive Gottfried Leibbrandt at an event in Paris on Friday.

Earlier this week, SWIFT had already 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.

In a brief statement issued earlier this week, SWIFT had made no mention of US sanctions coming back into effect on some Iranian financial institutions on Monday, as part of US President Donald Trump’s effort to force Iran to curtail its nuclear, missile and regional activities.

SWIFT’s statement on Nov. 5 said that suspending the Iranian banks access to the messaging system was a “regrettable step” but was “taken in the interest of the stability and integrity of the wider global financial system.”

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Last Update: Friday, 9 November 2018 KSA 17:58 - GMT 14:58
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