January 23, 2016

IT'S A TRADE DEAL:

Here's How Iran Will Rejoin the Global Financial System (Jonathan Saul, 1/23/16, Reuters )

[F]or Iran to resume business with the global banking world - for the first time since 2012 - its banks need to be linked to overseas lenders on SWIFT. The system, the Society for the Worldwide Interbank Financial Telecommunications, is used to transmit payments and letters of credit.

"We have sent almost 40 SWIFTs to different banks around the world and we have requested that now that the sanctions are lifted, we would like to exchange documents and whether they will consider a correspondent banking relationship," said Parviz Aghili, chief executive and managing director of Tehran-based Middle East Bank. "Some of them have come back and have asked for various questions, for documents they need."

"My feeling is it is going to take a couple of weeks or so before we start to see proper re-engagement. It will be slowly, slowly," he said in an interview.

Aghili said other Iranian banks were in the same situation regarding SWIFT as his company, which is listed on the Tehran Stock Exchange and has total assets of around $1 billion.

Posted by at January 23, 2016 9:16 AM

  

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