Banks Frustrated as Iran’s Swift Return Delayed

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Euromoney, February 2016

The big moment arrived. On January 17, after the European Union said it had implemented regulation to remove sanctions against Iran, Swift was turned back on in Iran. And, in some cases, appeared not to work.

Well, you know how it is when your computer has been switched off for a while. Apparently, reconnecting to Swift itself is a straightforward process, but the problem has arisen with the Cisco systems that are instrumental to its effective running. Some banks in Iran report either that their licences had expired while under sanctions and now need to be reissued; or that their software is no longer up to date after all the years in the wilderness. Swift confirms to Euromoney that many Iranian banks are now exempt from the financial messaging restrictions that the EU imposed on them in March 2012.

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Chris Wright
Chris Wright
Chris is a journalist specialising in business and financial journalism across Asia, Australia and the Middle East. He is Asia editor for Euromoney magazine and has written for publications including the Financial Times, Institutional Investor, Forbes, Asiamoney, the Australian Financial Review, Discovery Channel Magazine, Qantas: The Australian Way and BRW. He is the author of No More Worlds to Conquer, published by HarperCollins.

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