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Iran Activates Alternative System for SWIFT

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Iran Activates Alternative System for SWIFT

Post by Dirtbikepilot on Tue May 29, 2012 12:16 am

It didn’t take the Iranians long to find a way around the US’ use of the SWIFT payment system as an economic weapon.
Iran’s Central Bank Governor Mahmoud Bahmani stated Saturday
that Iran has already activated an alternative payment clearing system
to SWIFT.


The US appears to have shot itself in the foot by
encouraging Iran and by proxy, India, Russia, China, Japan, and the rest
of Iran’s trading partners to move further from the US dollar as a
reserve currency by shutting Iran out of the SWIFT system.


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)
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