Tag Archives | SWIFT

German Credit Unions Stand by Iran

Six credit unions in southern Germany are still processing payments to Iran despite Washington’s withdrawal from the 2015 nuclear deal between Tehran and world powers and its impending new sanctions on Iran, a report said. While Germany’s big banks are avoiding Iran-related deals for fear of US reprisals, six credit unions, or Volksbanken, from southern […]

France Removes Restrictions on Bank Saderat

By John Lee. IRNA reports that the French Central Bank has lifted restrictions on Iran’s Bank Saderat branch in Paris, paving the way for normal banking transactions in the branch. The EU had previously announced the exclusion of Bank Saderat from its list of sanctions. (Source: IRNA)

EU eyes Return as Iran’s First Trade Partner

By Maysam Bizær, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The European Union’s foreign policy chief has stated that the 28-member bloc once again wants to become Iran’s biggest trading partner. “We are the ones that used to be Iran’s first partner on the […]

Deutsche Bank Says Still ‘Cautious’ in Trade with Iran

A senior official with Germany’s Deutsche Bank said the transaction bank will remain tentative in its financing business with Iran despite the removal of anti-Tehran sanctions. “We remain extremely reserved when it comes to Iran,” said Werner Steinmueller, the head of Deutsche Bank’s Global Transaction Banking unit, referring to the difficulties in working with Iranian […]

Iran Still Has Banking Problems in Trade with China

Head of the Trade Promotion Organization of Iran (TPO), Valiollah Afkhami Rad, said banking problems are still hampering the progress of economic relations between the Islamic Republic and its biggest trade partner, China. “Correspondent banking relations should be established to develop trade between the two countries,” Afkhami Rad said in a speech in Tehran on […]

No More Barriers to Trade with Iran in Euros

An Iranian diplomat has aid there are no more limits on the country’s financial transactions with foreign banks in euros, a clear sign of which was India’s recent move to clear part of its debts to Iran in euros through a Turkish bank. “Restrictions on our country’s banking transactions in euros have been removed,” Hamid […]

Why big Euro Banks are Reluctant to Return to Iran

By Arash Karami, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iran’s largest bank is eager to resume ties with major European banks, but only smaller financial institutions have been willing to return to the Iranian market in the aftermath of a landmark nuclear deal. […]

How Sanctions Relief became a Tool in Iran’s Domestic Battles

By Khatereh Vatankhah, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. With the removal of nuclear-related sanctions on Iran, domestic opponents of the administration of President Hassan Rouhani have changed tack, shifting to criticism of his handling of the economy. In their latest attack, these […]

Fight over Iran’s Access to Dollars takes Partisan Turn

By Julian Pecquet, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Congressional Republicans appear to be hurtling toward a showdown over Iran’s access to the US dollar with little or no support from Democrats, potentially dooming their legislative efforts to block further concessions to Tehran. […]

Video: Iran says cannot access Frozen Funds

From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. The Governor of Iran’s Central Bank, Valiollah Seif, tells the Council on Foreign Relations in Washington that Iran still cannot access its frozen funds abroad and he doesn’t think that their Western partners are […]

Iranian Merchants Still Facing Barriers to SWIFT

A member of Iran’s Chamber of Commerce complained about the lack of practical influence of the country’s reconnection to SWIFT, saying his company has still difficulty in using the financial telecommunication service for trade with the foreigners. Speaking to the Tasnim News Agency, Majid Movafeq Qadiri (pictured) said his company could not still open letters […]

Pakistan to Trade with Iran in Euros, not Dollars

By John Lee. IRNA reports that Pakistani businessmen will open letters of credit (LCs) for imports from Iran in euros instead of dollars, as some US sanctions are still in place that could obstruct payments to Tehran. The State Bank of Pakistan (SBP) said it was not possible at this stage to open LCs in […]

Banking Sanctions take Center Stage

By Mohammad Ali Shabani, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Banking Sanctions take Center Stage as Iranian Rhetoric Toughens All is not well in post-sanctions Iran. In his first Nowruz message since the signing and implementation of the Joint Comprehensive Plan of Action […]

Will Iran be able to win over UK on Banking Sanctions?

By Arash Karami, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Will Iran be able to win over Britain when it comes to banking sanctions? Two months after the Jan. 16 Implementation Day of the Joint Comprehensive Plan of Action (JCPOA), the lifting of nuclear-related […]

26 Iranian Banks Now Connected to SWIFT

Four more of Iran’s banks have been reconnected to SWIFT, the global provider of secure financial messaging services. They are all the foreign branches of key Iranian banks and include the Yerevan branch of Bank Mellat, the Dushanbe branch of Tejarat Bank and the branches of Bank Melli Iran in Baku and Baghdad. Iranian media […]

Bank Mellat to Reopen Seoul Branch

Bank Mellat, Iran’s largest private lender, plans to reopen its branch in Seoul, South Korea, next month. The bank also expects to be reconnected with the SWIFT payment network. It is also claiming $4 billion from Britain’s Treasury for unlawful imposition of sanctions. (Source: EmergingMarkets)

UAE Payments Firm in talks with Iranian Banks

The CEO of Network International, the largest payments processor in the Middle East and Africa, has said the company could begin working with some of Iran’s largest banks this year. Bhairav Trivedi (pictured) told Reuters the company is in talks with the banks about how it could begin processing transactions without breaching the remaining economic […]

SWIFT Banking System ‘Operational’ in Iran

The Managing Director of the Bank of Industry and Mines has denied reports that SWIFT international banking system has not been restored in Iran. Ali Ashraf Afkhami (pictured) told the Tehran Chamber of Commerce that the money transfer became operational 10 days ago, according to a report from IRNA. He acknowledged that there had been […]

Two Iranian Banks Reconnect to SWIFT

The Ministry of Foreign Affairs says that Bank Melli Iran was officially reconnected to the SWIFT bank transfer system on Monday. Meanwhile, Bank Sepah announced on Tuesday that it too has been reconnected to SWIFT. Bank Sepah Governor, Mohammad-Kazem Chogazardi, is quoted by PressTV as saying: “After the reconnection of the bank to the global […]

Austrian Bank in ‘Intensive Talks’ with Iranian Banks

By John Lee. Austria’s Raiffeisen Bank has said it is in ‘intensive talks’ with Iranian banks. In an interview with Austrian newspaper Wirtschaftsblatt, board member Peter Lennkh (pictured) added that the bank wants to reopen its office in Tehran as soon as possible, but said Iran must first rejoin SWIFT, the international payment system, which […]