Bloomberg News

Iran Has Set Up Alternative to Swift, Press TV Says, Citing Bank

May 27, 2012

Iran put in place a system for international transactions after being cut off by Swift, the global bank-transfer messaging service, Press TV reported, citing Central Bank Governor Mahmoud Bahmani.

Iran already activated the system, Bahmani said yesterday, according to a report published by the state-run news agency. He didn’t provide further details.

On March 17, the Society for Worldwide Interbank Financial Telecommunication, known as Swift, halted service for about 24 Iranian lenders sanctioned by the European Union, including the central bank. The cutoff was a response to EU regulations issued a day earlier that ban financial-messaging services for entities subject to an EU asset freeze.

Iran is under United Nations, European Union and U.S. punitive measures to force it to curb its nuclear activities, which the U.S. administration and its allies accuse of being aimed at developing weapons. Iran denies the charges, saying its intentions are purely civilian.

To contact the reporter on this story: Ladane Nasseri in Dubai at lnasseri@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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