Iran designs alternative system for SWIFT: CBI

[poseidon]

Governor of the Central Bank of Iran (CBI) Mahmoud Bahmani says the country has designed and implemented a new system for conducting international transactions.


Bahmani said on Saturday the new system, which has already been activated, would replace Worldwide Interbank Financial Telecommunication (SWIFT)

On March 15, SWIFT CEO Lazaro Campos said in a statement that the society has decided to discontinue offering services to Iranian banks which are subject to financial sanctions imposed by the European Union.

On January 23, the EU foreign ministers approved new sanctions on Iran's financial and oil sectors, which prevent member countries from importing Iranian crude or dealing with its central bank.

Experts believe that SWIFT’s new action is meant to fully enforce EU sanctions, as global financial transactions are impossible without using SWIFT.

Bahmani rejected reports about a Japanese bank freezing transactions with Iranian banks.

On May 17, the Reuters reported that Bank of Tokyo-Mitsubishi UFJ has frozen USD 2.6 billion of assets of Iranian banks under an order by the New York District Court earlier this month.

MYA/HGH/IS
PressTV - Iran designs alternative system for SWIFT: CBI

THIS IS GREAT NEWS

 

[Skull and Bones]

Good news for India, won't have any problem paying for Iranian crude.

 

[lem34]

Way to go Iran. No one country should be able to dictate the worlds trade

 

[Skull and Bones]

Way to go Iran. No one country should be able to dictate the worlds trade

One has to kick dollar and bring in some alternative currency for that. My vote is for barter trade or gold.

 

[lem34]

One has to kick dollar and bring in some alternative currency for that. My vote is for barter trade or gold.

A basket of currencies is prob the way forward. But simply not good enough that just one country can just squeeze others is unfair imo

 

[Skull and Bones]

A basket of currencies is prob the way forward. But simply not good enough that just one country can just squeeze others is unfair imo

One currency might appreciate or depreciate in a very short timeframe, and this may pose as a threat to the exporter and importer. for example, take the depreciation of rupee for example, Iran might hesitate to accept it for mutual trading, as they can't use it anywhere else other than trading with India.

Swapping commodities with international market valuations is the way forward. As any single international entity can't dictate the price of any commodity.

 

[Hack-Hook]

well it's gonna be a little painful for SWIFT ,and as always ending a monopoly is good news for the world. I say we need at least 3 to 4 Alternative to SWIFT that are based in different countries if we really want free trade that can't be hampered by Bullies .

 

[BronzePlaque]

Another solution could be interchange imho..For example, Iran can provide crude oil and in exchange it can get, i dont know, what she requires..Or fake companies in foreign countries..there is a good example for this..Here:

BUSINESS - Iranian firms get closer to Turkey, says businessman

 

[Hack-Hook]

barter is good but you cant get all you need by barter . you need an international commercial system which is monopoly proof
just look at this story about SWIFT and you see how problematic this system is.

On February 26th 2012 the Danish newspaper Berlingske reported that USA authorities evidently have sufficient control over SWIFT to seize money being transferred between two EU countries (Denmark and Germany), since they have seized around U$26,000 which were being transferred from a Danish to a German bank. The money was a payment by a Danish businessman for a batch of Cuban cigars previously imported to Germany by a German supplier. As justification for the seizure, the U.S. Treasury has stated that the Danish businessman has violated the United States embargo against Cuba.

this is perfect example of arrogance
Dansk politimand fanget i amerikansk terrornet - Nationalt | www.b.dk

 

[Harry_Thomason]

Good news, I thought it will take longer to implement the alternative to SWIFT. Hard part now - getting as many countries on board as possible. West will do everything in their power to sabotage it, including sanctions on countries who joins it.

 

[dawud123]

Good news, I thought it will take longer to implement the alternative to SWIFT. Hard part now - getting as many countries on board as possible. West will do everything in their power to sabotage it, including sanctions on countries who joins it.

Yes it is better as many countries accept their system.

way to go iran

 

[FaujHistorian]

Iranians can make whatever they want. However an alternative to SWIFT or international banking is an empty talk at best.

This is like 3 year old girls marrying off dolls. You can marry the dolls, but you can't make them have babies.

Similarly you can create your Iranian supported International banking system (IS-BS) but it will remain just that a big pile of BS.

The reason is not that Ayatullahs lack banking acumen, no, perhaps they are the smartest Mullahs on earth. The problem is that no sane bank will dare to join the is-BS for the fear of sanctions. simply!


Best wishes for the is-BS.

peace.

 

[Banglar Lathial]

Good going Iran. Maybe you can invite Venezuela, Bolivia, North Korea, Russia, China, Belarus, Ukraine, Indonesia, Cuba, and various African countries to the fold. Maybe Qatar and Oman would join too, who knows?

 

[Pakistanisage]

Can I open an account in this new Iranian bank....