Iran’s Day Bank has announced joining the SWIFT transaction system, which facilitates worldwide bank transfers. The private system cut off Iranian financial institutions in 2012 amid a US-led campaign to cripple the country’s economy.The Society for Worldwide Interbank Financial Telecommunication (SWIFT) blocked 30 Iranian banks from its services after the EU joined American sanctions against the Iranian banking sector.
Now the financial blockade appears to be crumbling, as Day Bank governor Ahmad Shafizadeh announced joining the system after a lengthy campaign, the Iran News Daily reported.
Representatives of Belgium-based SWIFT reportedly visited Tehran in April to meet officials from Iranian private banks over a possible resumption of its services in the country.
The news comes as Iran and six leading world powers are in the final phase of negotiating a comprehensive nuclear deal, which would lift international sanctions from Iran in exchange for greater transparency and restrictions put on its controversial nuclear program.
Iran denies accusations by the US and Israel that it tried to secretly develop a nuclear weapon, insisting that its nuclear industry is purely for civilian purposes.