Browsing All posts tagged under »bank«

Iran’s banking system sinking in bad loans…

December 8, 2012

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Today, Iran’s banking system, day by day is sinking in bad loans, that seem to continue to pile up, as the time goes on. The “Ticarete Farda” newspaper recently reported that after Mahmoud Ahmadinejad became president in 2005, the amount of bad loans rose by $57 billion in the last 7,5 years. The newspaper compared […]

Iran sets up an alternative for SWIFT for money transactions

May 29, 2012

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Since Iran’s Central Bank has been banned from using Worldwide Interbank Financial Telecommunication (SWIFT), the Islamic Republic announced they now have an alternative system implemented, according to Governor of the Central Bank of Iran (CBI) Mahmoud Bahmani. He said the new system has already been activated and that it tends to substitute SWIFT. Whether it […]

“Iran to use Russian, Chinese banks for indirect money transactions, bypassing SWIFT ban”

March 24, 2012

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The Iranian banks will probably try to use Russian and Chinese banks to do their transactions indirectly, instead of using SWIFT, Professor of chemical engineering in Southern California University, Muhammad Sahimi said.

Iran cut off from global financial system

March 16, 2012

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Dozens of Iranian banks were blocked from doing business with much of the world as the West tightens the financial screws on a country it wants to prevent from developing nuclear weapons, Associated Press reported.